Proposed in August 2018, the so-called East Asian Railway Initiative aims to lay the foundation for cross-border reconciliation as well as boosting economies and security in the region. The targeted countries are the two Koreas, Mongolia, China, Russia and Japan.

KRNA said its chairman and CEO Kim Sang-gyun met President Khaltmaagiin Battulga and other top Mongolian officials, to talk about the "realization" of Moon's initiative.

Kim's meetings with Mongolian leaders were part of his two-nation trip, including Russia, from April 19 to 26.

"Mongolia, located at the heart of the Eurasian continent, is a core partner country of the New Northern Policy," Kim said. "It is expected that a further step toward the realization of the East Asian Railway Initiative will be made soon and a wide range of exchanges of railway technology between the two countries will be incorporated in the coming months."

Kim also met Minister of Mongolian Road and Transport Enk Amgalan and Mongolian Railways President Senggel Volt.

Kim agreed to form a working-level committee to strengthen cooperation with Amgalan, while signing a memorandum of understanding (MOU) with Volt.

The MOU includes construction and engineering of the Mongolian Railway Development Master Plan established in 2010, and exchanges of railway technology and personnel.

Accordingly, KRNA will help build the 247-kilometer Tavan Tolgoi-Gashuun Sukhait Railway and the 414.6-kilometer Tavan Tolgoi-Zuunbayan Railway.

KRNA will also co-host the Mongolian Railway Academy with the Korea Trade-Investment Promotion Agency (KOTRA) to train railway experts in Mongolia.

Kim took a trial ride on a Trans-Mongolian Railway train and a Trans-Siberian Railway train.

On his way home, he stopped at Khasan and Vladivostok in the Russian Far East.

In August 2018, President Moon said the railroad community would lead to greater cooperation among the concerned nations, comparing it to the European Coal and Steel Community that laid the foundations for the European Union.

He reiterated his visions for improving inter-Korean ties and economic cooperation, saying that improving inter-Korean relations was a "catalyst for denuclearization of the Korean Peninsula."