TEHRAN – Iran and Iraq signed a memorandum of understanding (MOU) on establishment of industrial parks, Shata news agency reported.

The MOU was signed by Iranian Industry, Mining and Trade Minister Mohammadreza Nematzadeh and his Iraqi counterpart Mohammed Shia 'Al Sudani on Sunday.

In the signing ceremony, Iranian minister said Iran is determined to expand its economic and trade ties with Iraq.

As Mehr news agency reported, Nematzadeh also noted that lacking of banking relations between the two countries has imposed serious problems on both sides’ private sectors.

“Despite the agreement which the two countries’ central banks made last year, there has not been any progress in this regard,” he added.

Al Sudani for his part expressed his country’s eagerness for cooperating with Iran in various areas especially gas imports.

He also discussed the establishment of five industrial parks in border areas between the two countries.

Earlier in February, Iran signed an agreement with Iraq’s Ministry of Industry for the design and establishment of industrial parks in a number of Iraqi provinces.

“Iraq is keen on cooperation with Iran in this regard due to the experiences of Iran in the construction of industrial cities," Sudani said.

EF/MA