Frankfurt airport operator Fraport and Lufthansa's cargo division have agreed on a strategic air freight partnership, the firms said in a statement on Monday.

The partnership will involve joint investments, modernising airport cargo facilities and the development of common strategies aimed at speeding up air freight handling while also meeting higher security standards, the companies said.

"It is our common goal to develop Frankfurt Airport into the most attractive and competitive air freight hub in Europe," Fraport Chief Executive Wilhelm Bender and Lufthansa board member Stefan Lauer said in the statement.

Lufthansa is Fraport's biggest customer at Frankfurt and holds a stake of around 10 percent in the airport operator.