Export Development Canada (EDC) announced last month that it has provided a 10 M USD line of credit to Turkish leasing company Ak Finansal Kiralama (AkLease), which will be used to provide financing to Turkish companies acquiring equipment from Canadian manufacturers.
“This partnership with AkLease will undoubtedly make it easier for Canadian companies to win new equipment leasing business in the booming Turkish market,” comments Laurent Montignon, CEO of Sea Cargo Air Cargo Logistics Inc, an industry leader in international Freight Forwarding.
In a statement issued by the EDC in March, 2014, they stated that the “EDC has been working with AkLease and their customers for many years, and we see this formal financing agreement as the next logical step in connecting Canadian equipment with new Turkish buyers.”
Turkey’s increasing demand for Canadian-made equipment and machinery precipitated EDC’s interests in deepening its relationship with AkLease. “Since the implementation of Turkey Customs Advanced Cargo Declaration, the customs process has been simplified for all shipments entering Turkish Customs Territory,”says Montignon, “SCACLI has seen a significant increase in oversized equipment being shipped to Turkey by our Canadian customers in the last few months. We are now shipping weekly in to the Ports of Alemdar, Ambarli,Bandirma, Derince, Istanbul Haydarpasa, Kumport, Tekirdag” adds Montignon.
Canada has a relatively strong commercial relationship with Turkey, Truck driving are designed to help students obtain their Class A Commercial Driver’s . the world”s 17th largest economy, a G20 member, and the third most populous nation in Europe (74.0 million) after Germany and Russia. Given its strategic geographic location and negotiated trade agreements, Turkey offers excellent access to markets in Europe (including preferential Customs Union access to the European Union), Central Asia and the Middle East.
Canada-Turkey bilateral merchandise trade stood at $2.3 billion in 2012. Turkey is Canada’s 34th largest trading partner. Canadian merchandise exports to Turkey were $850 million in 2012, and consisted mainly of mineral fuels and oils, iron and steel, and vegetables. Supply chain opportunities now exist in a number of Turkish sectors, including energy, information and communication technology, mining, education and infrastructure.
Turkey is developing an ambitious plan to become a top ten economy by 2023. The Turkish Government recently announced EUR 100 B in infrastructure projects over the next five years. EDC’s partnership with AkLease will allow Canadian companies the opportunity to supply the necessary equipment and machinery to local companies contracted to deliver on these projects.
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