Tehran Times - Iranian Secretariat of Free Zones High Council signed a memorandum of understanding with Importer and Exporter Union of Iraqi Kurdistan region for expansion of economic relations between Iranian free zones and the Kurdistan region.

The MOU was signed in a ceremony attended by Akbar Eftekhari, the deputy secretary of Free Zones High Council for production, exports and technology affairs, and Mostafa Abdulrahman Abdullah, president of the Importer and Exporter Union of Iraqi Kurdistan region, IRIB reported on Tuesday.

Speaking in the signing ceremony, Eftekhari underlined the capabilities and capacities of Iran’s free trade zones, noting that Iranian free trade zones offer significantly beneficial investment and trade opportunities for the businessmen and investors in the region.

He pointed to manufacturing and industrial units in the country’s free zones, saying “About 1000 industrial and manufacturing units are operating in the free zones and considering the number of active units in the country’s special economic zones, this number would exceed 2000.”

Abdulrahman for his part, expressed satisfaction with the signed MOU, and noted that of the 10,000 members of the Kurdistan Importer and Exporter Union, 2000 members are in communication with Iranian businessmen and companies.

According to the official, although the Iraqi Kurdistan Region has a good relationship with traders and businessmen all around the world, but having common borders with the Islamic Republic of Iran has made it easier and more profitable for the region to expand trade with Iran.

He further pointed to the unjust U.S. sanctions against Iran saying, "Despite the U.S. sanctions, the Kurdistan region is eager to cooperate with Iran more and more in order to meet its basic needs.”

Developing mutual trade based on the production capacities of the two sides, reducing the cost of finished products by improving the supply chains, distribution of the two sides’ manufactured products in the region, and development of investment in the two countries were some of the areas covered in the signed MOU.