Pakistan, Korea sign six agreements dealing with railways, banking

Last Updated: Wed, Dec 05, 2012 09:40 hrs

In a bid to further solidify bilateral ties, Pakistan and Korea have signed six accords dealing with modernisation of Pakistan Railways, construction of LNG terminal and cooperation in banking sector.

The signing of agreements in various sectors came during President Asif Ali Zardari's state visit to the Republic of Korea, during which he met his counterpart Lee Myung-bak and had several meetings with the CEO's and heads of various top companies, reports The Dawn.

Pakistan, under the agreement, will seek high-speed railways, communication systems, signaling, rail stock, modernisation of operation and management, development of logistics parks and freight terminals.

Along with this will be an exchange of construction and maintenance technologies for infrastructure including tracks, bridges, overhead electrification and power supply systems.

Zardari said Pakistan desired modern and efficient railways to help meet its growing industrial, agricultural and freight needs. He said that the current fleet of Pakistan Railways was unable to meet the needs of a growing nation and there was an urgent need to upgrade it.

He added that Pakistan was a prime place for foreign investors as the country's large consumer population promised good profits and lucrative business. (ANI)

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