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Turkey and Luxembourg to Create Strategic Finance Working Group
Turkey and Luxembourg have joined forces to establish a Strategic Finance Alliance, a move aimed at opening new avenues of collaboration and seeking out lucrative business opportunities in foreign lands, as announced by Finance Minister Mehmet Şimşek.
Şimşek journeyed to Luxembourg on May 4 for high-level discussions. In a post on social media platform X, he shared that the meetings with Prime Minister and Finance Minister Roth Gilles Luc Frieden were fruitful.
"Luxembourg, with its renowned position as a financial powerhouse, is a vital ally for Turkey," he remarked.
"Our aim is to strengthen and enrich our mutual connections, reaching beyond digital innovation, sustainable finance, manufacturing, and bolstering Turkey-EU relations, including Customs Union modernization," Şimşek asserted.
In the ever-evolving global financial landscape, this alliance seeks to intensify cooperation in diverse sectors:
- Finance: Enhanced partnership in financial services, investment facilitation, and capital market development. The coalition aims to nurture a stronger financial ecosystem, with Luxembourg's esteemed financial sector providing a significant boost to Turkey's growth[1][2][3].
- Trade: Boosting bilateral trade relationships by identifying complementary economic sectors and breaking down barriers. The alliance is expected to variously foster trade missions, negotiate bilateral trade agreements, and joint ventures[1][2].
- Innovation: Collaboration in innovation and technology, with a spotlight on sectors such as fintech, green finance, and digital transformation. This encompasses exchanging best practices and potentially launching joint innovation projects or investment funds aimed at supporting high-growth industries[1][3].
- Global Investment: Pursuing joint investment opportunities beyond their territories, leveraging Luxembourg’s status as a global investment hub and Turkey’s strategic positioning. This could involve co-investments in third countries or backing Turkish companies as they expand into European and international markets[1][2][3].
The alliance's activities may also foster public-private partnerships and knowledge exchange, furthering both countries' economic development ambitions. While specific projects have yet to be disclosed in official announcements, these fields represent the current primary focus of collaboration[1][2][3].
In the Strategic Finance Alliance, enhanced partnership in financial services, investment facilitation, and capital market development is sought, with Luxembourg's esteemed financial sector providing a significant boost to Turkey's growth. The collaboration additionally aims to boost bilateral trade relationships, with a focus on identifying complementary economic sectors and breaking down barriers.
