CARACAS – The governments of Venezuela and Turkey signed on Monday a set of economic and defense agreements that mark a “new” era in the relations between both nations, according to Venezuelan President Nicolas Maduro during the ceremony with his Turkish counterpart, Recep Tayyip Erdogan.
The alliances include agreements in the oil, tourism and maritime transport sectors, as well as mining, an industry that Venezuela hopes to develop in the southern states of the country.
Maduro pointed out that the commercial relationship between Venezuela and Turkey is “sincere and prosperous,” despite the fact that the exchange is recent and with projects worth about $800 million for this year.
A cooperation agreement on defense and military matters was also signed, while the presidents themselves signed a political understanding agreement.
No further details were disclosed about the scope of the agreements nor how they will be implemented.
Erdogan made on Monday the first state visit of a Turkish leader to Venezuela since both nations established diplomatic relations in 1999, according to data from the Venezuelan Foreign Ministry.
The Turkish president highlighted the important steps that both governments have taken on this day to deepen a relationship that experiences a clear improvement.
The agreements were signed amid the pressing economic crisis that Venezuela is going through, which is shown in widespread shortages and hyperinflation, an indicator that the International Monetary Fund (IMF) estimates will close at 2.5 million percent this year.
Erdogan said earlier, during a forum with Turkish and Venezuelan businessmen in Caracas, that his country has the industrial potential to “cover the majority of Venezuela’s needs” and that the agreements signed during his state visit are not going to remain only words.