Turkish Airlines forms JV with two Chinese partners
Turkish Cargo has signed a partnership agreement with Hong Kong-based Pal Air and the Chinese cargo giant ZTO, the world's largest parcel distributor. The latter has just registered a 10% buy-in from Alibaba (USD 1.38 billion).
This huge strategic step for Turkey, prior to the opening of Istanbul New Airport (29 October 2018), and game changer for the global express transport business was sealed by (from left) ZTO Express chairman Mei Song Lai, Turkish Airlines' chairman of the board and executive committee, İlker Aycı, and Pal Air vice-chairman Vivian Lau.
Headquartered in Hong Kong, the services of the new express joint venture company will include all door to door logistics activities, and Aycı expects that "the flow of e-commerce products will be generating over USD 2 billion of revenue in five years' time". (ah)