Turkey and Greece partner to bolster reinsurance collaboration

Turkey and Greece partner to bolster reinsurance collaboration

Turkish President Recep Tayyip Erdogan and Greek Prime Minister Kyriakos Mitsotakis have joined forces in an agreement aimed at broadening their connections across various industries, notably within the reinsurance sector. 

The collaboration between the two nations focuses on fostering ties across multiple sectors, prominently highlighted during a significant Dec 7 news conference in Athens, according to Insurance Business Magazine. 

The leaders signed a friendship declaration, emphasising the enhancement of tourism and cultural ties between their nations. 

This landmark agreement extends beyond cultural boundaries, as it involves the countries’ export credit agencies aligning to forge a collaborative path. Their memorandum of understanding aims at jointly providing guarantees and reinsurance for Greek and Turkish companies operating internationally. 

Turk Eximbank and Export Credit Greece have established a strategic partnership committing to shared financing, insurance, guarantee, and reinsurance support for businesses in both nations. 

Moreover, this partnership signifies an exchange of expertise and knowledge between the two export credit banks, fostering mutual growth and development. 

A notable aspect of the agreement includes Greece’s facilitation of easier access for Turkish citizens to certain Aegean islands through a temporary visa arrangement. This initiative seeks to invigorate tourism in the Greek islands and fortify economic bonds between Turkey and Greece. 

The Erdogan-Mitsotakis partnership marks a significant effort to reinvigorate diplomatic relations between the two European nations. This concerted effort was evident during the Turkey-Greece High-Level Cooperation Council, aiming to revitalise relations that had their last session in 2016. 

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