Škoda Group and Hyundai Rotem sign strategic MOU for future collaboration
Posted: 24 September 2024 | Global Railway Review | No comments yet
Škoda Group and Hyundai Rotem have signed an MOU to collaborate on innovative railway solutions, focusing on technology transfer, production localisation and global infrastructure projects.
Credit: Škoda Group
Škoda Group, a prominent European manufacturer of public transport solutions, and Hyundai Rotem, a global pioneer in railway infrastructure, have signed a Memorandum of Understanding (MOU) during the Czechia-Korea Business Forum in Prague. This MOU marks a step toward future collaboration, focused on leveraging both companies’ expertise in technology and innovation within the railway industry.
The MOU has been signed by Petr Novotný, CEO of Škoda Group, and Yong-bae Lee, CEO of Hyundai Rotem, underscoring both companies’ interest in exploring joint business opportunities and expanding their partnership through mutual strengths. The agreement aims to create a framework for potential projects, ranging from the localisation of production and technology transfer to participation in global railway and infrastructure projects, including the supply of high-speed trains.
Petr Novotný expressed enthusiasm about the partnership, stating, “By joining forces, we can leverage our shared expertise in railway technology and innovation, advancing solutions that meet the growing needs of modern transport systems. This MOU represents a forward-looking approach that paves the way for potential joint projects, while enhancing local manufacturing and fostering the transfer of technology. We look forward to working closely with Hyundai Rotem to explore new opportunities that benefit both our companies, as well as the communities and markets we serve.”
Building on past collaborations, including a joint project for locomotive production in Tanzania, this new MOU reaffirms Škoda Group and Hyundai Rotem’s commitment to developing sustainable, high-tech transport solutions. The agreement opens doors for future ventures that will contribute to the advancement of global railway infrastructure and sustainable transportation.
Both companies have emphasised that this partnership is forward-looking, aimed at tapping into key markets and fostering innovation to meet the growing demands of the transportation sector.
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