The MoU was signed as part of Canadian prime minister Mr Justin Trudeau's state to Ukraine, which also saw the signing of a free trade agreement between the two countries.

Under the MoU, Bombardier and UZ will explore various forms of cooperation, including the possibility of establishing a joint venture in Ukraine to assemble locomotives.

"The signing of this memorandum is the start of a new chapter for UZ," says Omelyan. "This is a great opportunity for Ukraine to make a breakthrough in railway modernisation and show foreign investors that Ukraine can and should invest in technology."