TEHRAN – Senior officials of the Islamic Republic of Iran Shipping Lines (IRISL) and the Italian worldwide shipping group Fratelli Cosulich inked a Memorandum of Understanding (MOU) to set up a joint representative firm, the IRIB news agency reported on Monday.

According to the MOU, the two sides will establish a joint, local representative firm in Italy which is projected to offer marketing and selling services and provide representative services to shipping lines of IRISL Group.

The decision has been made to revive and expand IRISL’s representative network and activities to Italy and the Mediterranean region, the official website of IRISL noted.

Italian companies and investors have been among pioneering ones seeking cooperation avenues in the post-sanctions Iran.

Already in August, Italian Economic Development Minister Federica Guidi, heading a delegation of 300 traders and businessmen, traveled to Iran in pursuit of exploring new investment opportunities in the country as sanctions against Iran are due to be removed from December 2015.

AK/MA/