This partnership is set to enhance the efficiency and reliability of Railway services in India, ultimately benefiting passengers and freight operations alike. Notable Swiss companies will supply machinery, materials and tunneling consultancy services.
FinTech BizNews Service
Mumbai, 29 October, 2024: Indian Railways today signed a Memorandum of Understanding (MoU) with the Federal Department of the Environment, Transport and Communications of the Swiss Confederation to enhance technical cooperation between the two nations. The MoU renewed and formalized through video-conferencing, received approval from the Ministry of Railways and the Ministry of External Affairs.
Addressing the MoU signing ceremony, Union Minister of Railways, Information & Broadcasting, and Electronics & Information Technology, Shri Ashwini Vaishnaw said this MoU will provide comprehensive framework for collaboration to the Indian Railways in various areas, including technology sharing, track maintenance, management and construction. This MoU is also aligning with our government's commitment to modernizing Indian Railways.
Addressing the event, Federal Councilor and Head of the Federal DETEC, Mr. Albert Roesti said Switzerland's advanced railway technology will benefit Indian Railway by improving operational efficiency, safety standards, Service quality and railways infrastructure development.
The original MoU, signed on August 31, 2017, was valid for five years and focused on several key areas of collaboration:
Before the signing of the MoU, a Joint Working Group (JWG) was formed to facilitate collaboration between representatives of Indian Railways and Swiss Railways. The JWG convened two meetings to explore various key areas of cooperation, with sessions taking place on October 21, 2019 and August 30, 2022. The primary areas of discussion were:
At the third JWG meeting that took place on October 11, 2023, chaired by then Chairperson and CEO of the Railway Board, alongside Mr. Peter Füglistaler, Director of the Federal Office of Transport in Switzerland, the Indian side presented ongoing capital expenditure initiatives, highlighting significant investment opportunities in the Indian Railway sector for Swiss firms.
This partnership is set to enhance the efficiency and reliability of Railway services in India, ultimately benefiting passengers and freight operations alike. Notable Swiss companies will supply machinery, materials and tunneling consultancy services.
The event was graced by Shri. Mridul Kumar, Ambassador of India to Switzerland, Mr. Albert Roesti, Federal Councilor and Head of the Federal Department of the Environment, Transport and Communications (DETEC).
