Signatories include Secretary of High Council of Free Zones Morteza Bank, CEO of the Islamic Republic of Iran Railways Saeed Mohammadzadeh, CEO of Maku Free Trade Zone Gholamreza Soleimani and CEO of Aras Free Trade Zone Mohsen Nariman on Saturday.
Aras FTZ is located in Jolfa County of East Azerbaijan.
As per the quadrilateral MoU, IRIR will be in charge of approving (or disapproving) the investment contract, preferably a build-operate-transfer one, IRNA reported.
Maku and Aras free trade zones will finance the project, according to Financial Tribune.
The MoU has entrusted Maku FTZ with carrying out the feasibility and financial studies, design and construction of stations, branch lines and related buildings in the first phase.
“This 200-kilometer rail route in the Iranian northwest will connect Iran to its neighbor Turkey and from there to Europe … Hence, it can play a significant role in the economic development of Maku and Aras FTZs as well as our national economy,” Bank said.