Dr Cable said Hitachi's decision to build its European factory in Newton Aycliffe shows the UK is an attractive place for international companies to do business.
He said: "This plant will be a great boost to the North-East economy, creating more than 700 jobs and bringing a long tradition of rail manufacturing back to the region.
"With increasing numbers of passengers set to use our railways over the coming years, we also need to train and encourage more young people."The Government has invested in a new rail training academy in Northampton, which will address skills shortages in traction and rolling stock
"We are also creating a new rail supply chain forum to help UK companies to win work both here and abroad."