India and China on Monday have signed a memorandum of understanding (MoU) on technical cooperation in the railway sector.
The MoU, which will be in force for five years, will enhance mutual cooperation across various areas of rail technology including High Speed Rail, Heavy Haulage and Station Development. Both sides have agreed that future cooperation on railways will be carried under the Infrastructure Working Group.
"We signed a MoU with China for mutual cooperation in rail sector," said a senior Railway Ministry official, adding, "The agreement will remain in force for five years," a Railway official told Press Trust of India (PTI).
Among the signatories of the MoU were Vinay Mittal, Chairman, Railway Board, Ministry of Railways, Government of India and Mr.Wang Zhiguo, Vice Minister, Ministry of Railways, Govt. of the Republic of China.
According to PTI, the two nations signed 11 agreements in total at a $5 billion investment deal. The MoUs were inked at the bilateral Strategic Economic Dialogue held in Delhi recently.
The agreements will aid in improving cooperation between India's Bureau of Energy Efficiency and China's National Development and Reforms Commission (NDRC). A previous MoU was signed between the two nations in Jan 2008 which has expired.
India requires Chinese technology for the enhancement of its ever-expanding railway sector, particularly for the development of high-speed railways. China presently has the largest bullet train network in the world. These trains run at a speed of around 300 kilometres per hour.
