The co-operative initiatives within the MOI also call for joint marketing initiatives, port infrastructure studies and joint training initiatives.
Minister of Sustainable Development, Olayuk Akesuk, said the MOI will benefit the entire Nunavut territory.
"We're trying to promote our territory to the world and to work together to train people for the tourism industry," said Akesuk.
Robert Conway, manager of community and economic development with Sustainable Development, said the MOI will move ahead on several different fronts.
The building of a proposed road from Nunavut to Manitoba "would have a major impact on tourism." said Conway.
"We're also looking at marketing to the general Hudson's Bay coast lines as a whole," said Conway.
The agreement will primarily benefit the Kivalliq region.
"For example, we're looking at a cruise ship coming into Rankin Inlet. We have a lot of cruise ships which use Churchill as a port and we're looking to Manitoba to see how we can market to those cruise ships," said Conway.
"We're also looking at what is required in docking facilities. A lot of the MOI is comparing notes on facilities and seeing what they are doing for training as well," said Conway.
In addition, Conway said the MOI will establish some joint-training initiatives for customer service.
While the plan calls for greater co-operation, it does not input any new money into the tourism trade.
"We don't have the dollar figure attached to the MOI. We as a government put in about $2.5 million a year towards tourism and we're working our very best to ensure that every year there is ongoing funding," said Akesuk.