LAHORE In a major initiative, the Lahore Chamber of Commerce & Industry Thursday inked a Memorandum of Understanding (MoU) with Korea Railroad Corporation (KoRail) to act as a facilitator to establish a modern and functioning dry port in Sheikhupura. The LCCI President Shahzad Ali Malik signed MoU on behalf of the Lahore Chamber of Commerce & Industry while Korea Railroad Corporation (KoRail) was represented by Mr. Han Kwang Scok, General Manager Overseas Railways Business Department KoRail and Mr. Kim Dong IL, CEO, PAKOR Global Private Ltd, LCCI Senior Vice President Sheikh Mohammad Arshad and a large number of Executive Committee Members were also present in the MoU signing ceremony. As per MOU, the Korea Railroad Corporation will facilitate the Sheikhupura Dryport Trust to acquire four locomotives for operating first-ever private sector freight train operators for cost effective and timely transportation of commercial and industrial cargo. The initiative will open new opportunities for private investment in trade related infrastructure considered vital for economic competitiveness in the prevalent global market place. LCCI President Shahzad Ali Malik said that the sole objective of having another Dry Port is to make the trade and industry competitive by reducing delivery time and cost. He said that the project was well on way and it would be a fully equipped, State-of-Art Dry Port that would be ensuring cost-effective and efficient logistic solutions to promote economic activities in the region. The LCCI President said that the successful models of private sector-managed Dry Port already exist in the shape of Faisalabad Dry Port and Sialkot Dry Port. He informed the participants that Faisalabad Dry Port has a capacity to handle 33,000 export cargo containers. It can handle as many as 5500 import consignments per annum, having a value of over Rs 80 billion. Same way, the LCCI President said, the Sialkot Dry Port can handle up to 29000 export cargo containers worth over Rs 46 billion. Shahzad Ali Malik said that the proposed Sheikhupura Dry Port would be catering to the trade and industry in Lahore, Sheikhupura and Gujranwala. He said that Korea Railroad Corporation (KoRail) is planning to start large full fledged freight and passenger service in future. This project will prove to be curtain-raiser to private sector led expansion of rail network in Pakistan and beyond especially linking the country with Iran, Turkey and through Europe.