The purpose of the co-operative agreement is to foster a collaborative working relationship across the airports of the Lower South for the benefit of the entire region.
To that end, the airport companies will work together to identify and explore opportunities and undertake joint initiatives.
QAC chief executive, Colin Keel, said: "Over the past two years the airport leaders have been discussing opportunities to work together in a number of areas including health and safety, environmental sustainability, operational excellence and supporting strategic regional tourism initiatives.
"Entering into this co-operative arrangement formalises our shared commitment to work collaboratively.”
Dunedin Airport chief executive, Richard Roberts, noted: “Relationships are a large part of what we do and Better Together is one of our strong company values.
"We have so much to gain by working together, to the advantage of each airport and our unique region of the Lower South.”
While Invercargill Airport's general manager, Nigel Finnerty said: “Working collaboratively with the airports of the Lower South will help open up more of our place to more people.
"The opportunity to work with the other southern airports on health and safety, operational excellence and environmental sustainability will support connectivity and growth across the entire region.”
The airports combined facilitate approximately four million passenger arrivals and departures on scheduled flights and over 100,000 general aviation movements each year.
They also provide almost NZ$10 million in dividends annually to their collective shareholders, mainly local district councils and their communities.
The companies are prioritising collaboration on environmental sustainability, health and safety and regional tourism initiatives.
To support achieving their shared goals, the airport leaders will meet on a quarterly basis and members of the respective leadership teams will come together for an annual summit.