Greece, Turkey boost reinsurance cooperation

Turkish President Recep Tayyip Erdogan and Greek Prime Minister Kyriakos Mitsotakis have entered into an agreement to expand ties in various industries including the reinsurance industry.

During a Dec 7 news conference in Athens, the two European leaders signed a friendship declaration to improve connections in their tourism and cultural sectors.

The countries’ export credit agencies signed a memorandum of understanding to work together on guarantees and reinsurance for both Greek and Turkish companies operating abroad.

Turk Eximbank and Export Credit Greece agreed to provide joint financing, insurance, guarantee and reinsurance for the countries’ firms, AA reported.

The two export credit banks will share knowledge and experience.

Under the agreement, Greece will make it easier for Turkish citizens to visit some of the Aegean islands through a temporary visa.

The deal, which revives an earlier procedure, is aimed at boosting the tourism sector in the Greek islands and strengthening economic ties between the two nations.

Erdogan and Mitsotakis worked to reboot the European countries’ relations during the Turkey-Greece High-Level Cooperation Council, which held its last session in 2016.