Bilateral Memorandum of Understanding Signed Between the Capital Markets Board of Turkey and the Financial Services Commission and Financial Supervisory Service of Korea

Chairman Seok-Dong Kim of the Financial Services Commission (FSC) of Korea and Chairman Vedat Akgiray of the Capital Markets Board (CMB) of Turkey had a meeting on Friday, 25th  November 2011 to sign a Memorandum of Understanding (MoU)   between the FSC and CMB and discuss cooperation in the future. The MoU signed by Chairman Kim and Chairman Akgiray aims to enhance mutual cooperation between the financial authorities of Korea and Turkey. The MoU focuses on the issue of collaboration and information sharing for supervision of financial institutions, as well as the establishment of a communication channel that provides efficient evaluation of common interests of the two countries.

In his speech at the signing ceremony, CMB Chairman Mr. Vedat Akgiray stated that "The strength of the friendly relations which exist between Turkey and Korea stems from mutual understanding and goodwill. Being G-20 countries, both Turkey and Korea have a significant role in their respective regions and initiatives to reinforce collaboration such as this MoU serve as an important step towards the target of designing Istanbul as an international financial centre. We note with great satisfaction that our relations which are deeply rooted in the past, are acquiring a new momentum and dynamism in various fields. This is an achievement that we, on both sides, have to be proud of". CMB Chairman also emphasized CMB's unswerving commitment to the continued development of relations between the financial markets of the two fraternal countries. Besides, Mr. Akgiray expressed that the MoU signed with Korea is the 30th one made for this purpose.

In the speech, FSC Chairman Seok-Dong Kim stated that "Thanks to great efforts made by the Turkish government to develop Istanbul as a financial hub, the capital market of Turkey has seen robust growth."  Chairman Kim also expressed that Turkey has high potential to develop its financial market as it has geological convenience of connecting Europe, Asia and Africa. Chairman Kim called for a close co-operation between the FSC and the CMB so that two countries can enjoy the benefits that the developed Turkish capital market offer. Besides, Mr. Kim showed a strong support to make a Joint Task Force between Turkey and Korea to further discuss mutual cooperation including establishment of Korean branch office in Instanbul.

Korean Delegation has also paid a visit to Istanbul Stock Exchange and Banking Regulation and Supervision Agency within their Turkey program. It is believed that these visits will help the presentation of Turkish financial markets and strengthen the bilateral ties between the two countries.