The Korea Railroad Corporation(KORAIL) on Monday signed a cooperation deal with China Railway.

It marks KORAIL's first agreement with a Chinese rail organization. 

The two agencies agreed to step up cooperation in cargo transport, joint efforts in developing new markets as well as personnel and technology exchanges.

China Railway is a state-owned firm that oversees 18 corporations related to rail operation and maintenance and 17 of their subsidiaries.

In the signing ceremony held in Seoul, China Railway's president Lu Dongfu said that energy efficient and environment friendly rail services are a future growth engine for both Korea and China and called for continued bilateral cooperation. 

KORAIL President Son Byeong-seok expressed hope that China's high speed rail infrastructure can contribute to global rail advancement, and proposed combining Chinese infrastructure and Korean technology to make inroads into new markets.