TEHRAN- Iran and Iraq have agreed to construct five joint industrial estates, Mehr news agency reported on Saturday quoting Mahmoud Vaezi, the chief of staff of Iranian president.

Based on a memorandum of understanding (MOU) signed between the two neighbors, five industrial estates will be constructed through Iran-Iraq joint venture, the official said and added that one of the estates will be established in Kordestan Province (in west of Iran).

He made the remarks during his visit to the province.

The Islamic Republic of Iran is Iraq’s first trade partner, Vaezi said, adding, “Iraq and Kurdistan Regional Government (KRG) provide the best opportunity for Iran for increasing the volume of exports and bypassing the U.S. sanctions.”

Heading a high-ranking economic and political delegation, Iraqi Prime Minister Abdul Mahdi visited Iran on April 6 and 7. The visit came after Iranian President Hassan Rouhani’s landmark visit to Iraq in March.

During their stay in Tehran, the Iraqi officials met their Iranian counterparts to discuss different areas of cooperation between the two neighbors.

In that visit, an Iran-Iraq business forum was also held at the place of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA).

The event was attended by several senior officials from both sides including Iran’s First Vice President Es’haq Jahangiri, Iraqi Prime Minister Adil Abdul-Mahdi as well as Iranian Energy Minister Reza Ardakanian, Iraqi Minister of Electricity Louay Al Khateeb, Iraqi Trade Minister Mohammad Hashim Abdul Majid Jasim, Iranian Industry, Mining and Trade Minister Reza Rahmani, Head of Basra Chamber of Commerce Majed Mozan, and Gholam-Hossein Shafeie, the chairman of ICCIMA, along with representatives of private companies.

During the business forum, the two sides called for further expansion of the trade ties between the two countries.

MA/MA