Iran and Iraq have signed a memorandum of understanding (MoU) to set up joint industrial zones, said a report.

Iran’s Minister for Industry, Mining and Trade, Mohammadreza Nematzadeh and Iraqi Minister for Industry and Minerals Mohammed Shia ‘Al Sudani signed the agreement on earlier this week, added the Iraq Business News report.

Al Sudani said that the future of Iraq is to increase private sector cooperation between the two countries.