The Türkiye Wealth Fund (TVF) and the Iraq Development Fund (DFI) have inked a memorandum of understanding (MoU) in Baghdad to type a strategic partnership geared toward advancing joint initiatives throughout key sectors.
The settlement was signed by TVF CEO and board member Salim Arda Ermut and DFI Executive Director Mohammed al-Najjar.
At a news convention held earlier than the signing ceremony, Ermut highlighted the historic and cultural ties between the 2 nations.
“As countries with deep-rooted histories, a shared geography and strong fraternal bonds, Türkiye and Iraq have always enjoyed a special relationship,” he stated.
He added that the centuries-old friendship has grown right into a partnership constructed on mutual belief and shared targets.
‘Joint dedication to work collectively’
Calling the settlement a serious step ahead, Ermut stated the MoU will strengthen cooperation between Türkiye and Iraq not solely at a regional stage however globally.
“As the Türkiye Wealth Fund, we will closely collaborate with the Iraq Development Fund to develop, finance and implement a wide range of projects,” he stated.
“This memorandum clearly reflects our joint commitment to work together in key strategic sectors,” he stated. “Our cooperation will span renewable and green energy, information and communication technologies, infrastructure and construction, transportation and logistics, automotive, agricultural technologies and food production, as well as financial services and fintech.”
Ermut stated the partnership will transcend investments to incorporate information sharing, expertise switch and the joint use of assets.
“This will help ensure that our projects have a broader, more lasting impact,” he added.
He expressed confidence that the initiative would promote inclusive and sustainable development in each international locations, strengthen regional financial stability and additional deepen the longstanding ties between Türkiye and Iraq.
“At the Türkiye Wealth Fund, we place great value on building long-term relationships based on trust and shared values-not just economic interests,” Ermut stated. “Today’s agreement is a clear reflection of that vision. I thank everyone involved in making this important step possible, especially the officials and stakeholders from both countries.”
‘Long-term strategic initiatives past commerce’
Al-Najjar welcomed the TVF delegation to Baghdad and stated their go to marked a major milestone-not just for the Development Road mission however for broader partnerships between the 2 international locations.
“For the first time, Iraq and Türkiye are moving beyond trade to engage in long-term strategic projects,” he stated, including that the MoU lays the muse for future joint ventures.
What does settlement embody?
The memorandum units the stage for deeper bilateral cooperation and goals to construct impactful partnerships at each regional and world ranges. It establishes a structured mechanism for collectively creating, financing and implementing initiatives, with the primary tangible outcomes anticipated inside 2025.
The MoU contains commitments to innovation-driven investments in crucial sectors comparable to renewable and inexperienced power, data and communication applied sciences, infrastructure, transportation and logistics, automotive, agricultural applied sciences and meals manufacturing, in addition to monetary companies and fintech.
Beyond investments, the settlement emphasizes collaboration in information sharing, expertise switch and the strategic allocation of assets. The partnership is anticipated to assist inclusive and sustainable financial growth in each Türkiye and Iraq, reinforce regional financial stability and development, and deepen the international locations’ longstanding strategic ties.
Source: www.dailysabah.com