Hello and welcome to the Current Affair's Portal of ExamPundit.in. The ministry of railways on Monday signed a memorandum of understanding (MoU) with the government of Sweden for technical cooperation, in keeping with minister Suresh Prabhu's promise of getting best international technology along with investment.
The main objective of the MoU, signed by Sweden's ministry of enterprise and innovation, is cooperation between the two countries to promote efficiency and sustainability and achieve concrete results with regard to bilateral trade, investment, research and technology transfer.
Both countries will also work towards benchmarking policy development, regulations, organisation and specific characteristics for their respective railways.
The MoU also includes exchange of knowledge, technical expertise, innovation, technology, sustainable solutions and research.
The MoU will remain in force for five years from the date of signing. It can be extended for another five years with the written consent of both sides.
It was signed by Girish Pillai, adviser, infrastructure, on behalf of railways ministry, and Oscar Stenstrom, state secretary on behalf of Sweden.
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