Turkish Cargo, a division of Turkey's national carrier Turkish Airlines, has signed an agreement with China’s ZTO and Hong Kong’s Pal Air to form a new logistics company.
According to the Daily Sabah, the new logistics company will be named Global Express.
It will be situated in Hong Kong and offer door to door logistics services, including trucking, collection and distribution, freight transportation, cross-docking and final mile delivery.
Commenting on the agreement and new joint venture (JV), M Ilker Aycı, chairman of the board and the executive committee, Turkish Airlines, said, “I feel privileged to welcome you all for the signing ceremony of a great partnership agreement between the biggest brands of China and Turkey. We are announcing the signing of a memorandum of understanding to build a JV company to operate as a global express and courier company, mainly focusing on the global e-commerce market, with full door to door services.”
“In five years’ time, the JV is expected to generate over $2bn of revenue. The growth is expected to continue, parallel to the growth in e-commerce demand.”
Mei Song LAI, chairman, ZTO Express, said , “The cooperation between the three partners will form synergy by combining strong core competencies and integrating key resources, and will doubtfully effect positive progress in the areas of global express delivery, warehousing, cargo freight, and aviation route development and more, and will ultimately benefit traders and consumers globally.”
Vivian Lau, vice chairman, PAL Air said; “PAL is honoured to have played a role in creating a three parties venture that will unleash the best of three worlds, together with two global giants, Turkish Airlines and ZTO. Turkish Airlines, ZTO, and PAL looks forward to the creation of a world class integrator.”