The British Chamber of Commerce in Turkey (BCCT) signed a memorandum of understanding (MoU) with the SME Center of Excellence in order to further strengthen the economic and commercial relations between the North East Region of U.K. and Turkey, a press release by the institution said Tuesday.

The MoU was signed in Newcastle on the occasion of a visit by BCCT Chairperson Chris Gaunt, OBE, to the region. With the formalization of the partnership between the two institutions through this deal, the parties will create a new avenue to explore and further develop the existing potential for commercial cooperation in terms of bilateral trade and investment.

Stating that he is pleased by this new possibility for further cooperation with this region, Gaunt emphasized that he is confident that this agreement will form the basis for mutually beneficial cooperation and new commercial partnerships with local and overseas businesses in the future.

SME Center of Excellence Director Ammar Mirza, for his part, said they look to the future with great optimism and that this agreement will further strengthen the relations of the region with the business world in Turkey, that export links in the region will proactively contribute to commercial growth and create opportunities for new cooperation with other overseas countries.

The SME Center of Excellence provides business support for SMEs across the U.K. through tailored support packages and advice. Thanks to its network of experts and consultants, it operates with the goal of providing the right support at the right time to all business owners to help them survive and thrive.

There is potential for investment, job creation and market development in various sectors in the North East Region of England. For instance, the region also boasts a multi-million-pound International Space Station project and 10,200 square feet office development projects near Newcastle International Airport. These projects will help SMEs start up, grow and benefit from export routes, while also offering new opportunities for overseas trade.