Wabtec could invest $1 bln in Kazakhstan's transport and logistics sector

ASTANA. Sept 18 (Interfax) - Westinghouse Air Brake Technologies Corporation or Wabtec could invest nearly $1 bln in Kazakhstan's transport and logistics sector.

Kazakh President Kassym-Jomart Tokayev met with President and CEO of Wabtec Rafael Santana in New York to discuss possible cooperation in revitalizing the nation's railway industry.

Santana updated Tokayev on active investment initiatives to launch the production of locomotives using hydrogen technology and their associated components in Kazakhstan. Additionally, they discussed the establishment of an engineering center and the transfer of advanced technology.

Tokayev "welcomed the company's commitment to invest nearly $1 billion in the transport and logistics sector saying that this significant investment would contribute to advancing the Trans-Caspian International Transport Route and serve as a foundation for other infrastructure projects," according to the press service.

A framework agreement on strategic cooperation between the joint stock company NC Kazakhstan Temir Zholy and Wabtec was signed during the Kazakh president's visit to the United States.

Tokayev arrived in New York late Sunday. During this visit, he will deliver a speech at the general debate of the 78th session of the UN General Assembly and participate in the Central Asia - USA summit.

Wabtec is a Fortune 500 company and global leader in transportation and logistics. The company has over 27,000 employees in more than countries.