The memorandum of understanding (MoU) was signed at the end of the first day of a joint economic forum on Wednesday.
The two-day conference, attended by a number of Iranian and Iraqi economic officials, as well as leading businessmen and industrialists from the two countries, began on Wednesday in Erbil.
The main goal of the forum was to explore economic opportunities between Iran and the Iraqi Kurdistan Region. Iran's Minister of Industry, Mines and Trade, Mohammad Shariatmadari, told reporters that the MoU will serve as an opportunity to strengthen cooperation between Iran and the Iraqi Kurdistan region.
A joint commission has also been established to pursue the agreements via Iran's embassy in Baghdad and Iraq's embassy in Tehran.
Talking to reporters, Shariatmadari said: "Our presence in Erbil is in fact aimed at uncovering economic opportunities between Islamic Republic of Iran and Iraqi government, particularly the country's Kurdistan region, to boost economic cooperation."
Commenting on his talks with the Prime Minister of Iraqi Kurdistan Nechirvan Barzani, the Iranian minister said "we see a bright future for our economic ties with Iraq and Iraqi Kurdistan".
