Korea Rail Network Authority announced on March 31 that it has signed a business cooperation agreement with Korea Expressway Corp. to jointly develop overseas railway-road complex projects and cooperate in large-scale public-private partnership (PPP) projects.
Through this business agreement, the two organizations decided to cooperate with each other to support Korean companies that want to enter overseas PPP project markets and help them win orders by utilizing their capabilities, experience and R&D in the railroad and road sectors.
Korea Rail Network Authority said the agreement lays the foundation for cooperation among Korean public organizations which is required to win large-scale overseas infrastructure projects such as railroad-road complex projects and capital relocation projects.
The first cooperation project between the two organizations is the King Hamad Causeway Railway-Road Complex PPP Project which will cost approximately four trillion won. The project is designed to connect Saudi Arabia and Bahrain. Korea Rail Network Authority will carry out a feasibility study with Korean professional consulting companies in April by receiving support from the Korean government.