South Korea will modernize Pakistan Railways under an agreement signed in Seoul on Tuesday during the visit of President Asif Ali Zardari, state media reported.
The Ministry of Land, Transport and Maritime Affairs and the Pakistan Railways signed a Memorandum of Understanding (MoU).
Pakistan will seek high speed railways, communication systems, signalling, rail stock, modernization of operation and management, development of logistics parks and freight terminals, exchange of construction and maintenance technologies for infrastructure including tracks, bridges, overhead electrification and power supply systems.
The agreement was signed by Muhammad Arif Azim, Secretary Railways and
South Korea’s Minister of Railways Kwon Do-youp
Both countries also signed an Agreement on Grant Aid.
Pakistan’s ambassador to South Korea Shaukat Ali Mukaddam and South Korean Minister for Foreign Affairs and Trade Kim Sung-Hwan signed the agreement.
President Asif Ali Zardari and his Korean counterpart Myung-bak Lee witnessed the inking of the framework following the summit meeting, held at the Cheong Wa Dae – Office of the President.
President Zardari who is on a three-day official visit to South Korea, was supported by his delegation including Minister for Water and Power Ch. Ahmad Mukhtar, Minister for Commerce Makhdoom Amin Fahim, Minister of State for Foreign Affairs Nawabzada Malik Amad Khan and the leader of PML-Q Chaudhry Shujaat Hussain.
Under the framework agreement on grant aid, Korea will extend support to Pakistan through the Korea International Cooperation Agency (KOICA) that aims at poverty reduction, sustainable economic and social development besides further enhancing cooperation in diverse development sectors.
KOICA was founded as a government agency on April 1, 1991. It was setup to maximize the effectiveness of Korea’s grant aid programs for developing countries by implementing the government’s grant aid and technical cooperation programs. It provides funding in education, health, governance, disaster relief, agriculture forestry and fisheries, industry and energy, environment and climate change.