Korea Overseas Infrastructure & Urban Development Corporation (KIND) said on the 24th that it signed a memorandum of understanding (MOU) with the Korea Railroad Research Institute (KRRI) on the 23rd to lay the groundwork for mutual cooperation on overseas railway projects.
The agreement was pursued to establish a mutual cooperation system between the two institutions to expand order opportunities for Korea's corporations and to facilitate their entry into overseas railway projects, as public-private partnership (PPP) projects in overseas railway markets have continued to grow recently.
Under the agreement, the two institutions plan to expand cooperation in various areas, including ▲ building and exchanging networks for sharing information and collaborating on overseas railway project markets ▲ consulting and joint research related to overseas railway projects.
At a business exchange meeting held before the MOU signing, KIND and the KRRI shared the status and best cases of their overseas projects and discussed strategies for cooperation.
KIM Bok-hwan, president of KIND, said, "If KIND's experience in overseas investment and development projects is combined with the KRRI's excellent railway technology know-how, our corporations will be even more competitive in winning bids in the fiercely contested overseas railway markets," adding, "We will continue close cooperation so that this agreement does not end as a one-off event but leads to the practical identification of overseas railway projects and tangible results in the overseas expansion of domestic corporations."