The Democratic People's Republic of Korea (DPRK) and Russia agreed to set up a joint venture to undertake the reconstruction of the Khasan-Rajin railway and Rajin port, the official news agency KCNA reported Thursday.
The joint venture would be in charge of building a container wharf at DPRK's Rajin Port and reconstructing the railway line between Russia's Khasan and Rajin to connect the trans-Siberian railway, the KCNA said.
The total budget was 1.7 billion rubles (71.4 million U.S. dollars), most of which came from Russia, according to a Russian source. Investment from South Korea was also channeled to the projects, the source said.
A delegation of the Russian Railways Company visited Pyongyang on March 11-15, during which the two sides discussed the technical issues related to the establishment of the joint venture and agreed to implement the projects as soon as possible.
The Khasan-Rajin railway links Russia's Khasan border settlement to the DPRK's Rajin port. Due to different rail gauges of the two countries, the reconstruction requires the laying of new railway tracks, rebuilding of tunnels and bridges, and upgrading of the automatic and signal systems.
The handling capacity of the Rajin port, a major harbor in the northeastern DPRK, will also be expanded after the reconstruction.
Source:Xinhua
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