Japan bank keen to work with Turkey in third countries

By Tuba Sahin

ISTANBUL

Collaboration between Japanese and Turkish firms in other third countries, especially in Africa could bring success since they complement each other, Japan Bank for International Cooperation (JBIC) senior official said on Tuesday.

"Especially in Africa region I understand that Turkish companies have very close ties, network and business routes. We expect to see such successful cases in Africa region as soon as possible," JBIC Global Head of Infrastructure and Environment Group Kazuhisa Yumikura told Anadolu Agency.

Yumikura said Turkish companies hold "unique" competitive edge and know-how in construction sector.

"Japanese companies don’t have such competitiveness in this area. Turkish and Japanese companies are complementing and supplementing each other so this combination assists the smooth implementation of business" he said.

Yumikura added the bank also provides export loans to Turkish buyers in order to support foreign trade between the two countries.

He appreciated Turkey's "tremendous" economic growth in 2017 and expected it to continue in the upcoming periods.

"The strength of the economy or prosperity here is more than statistical numbers. I feel a great strength in Turkish economy right now," he said.

Recalling that JBIC recently signed an agreement with Turk Eximbank to support Turkish and Japanese companies to collaborate in other countries, Yumikura said the deal would contribute to maintenance of the strong growth.

He underlined that Turkish bank's posted excellent performance on the back of a good national economy.

"This is very good news for JBIC as we work with some Turkish local banks. It is more than happy to see such kind of performance," he said.

Turkish banking sector's annual net profit reached 49.1 billion Turkish liras ($13 billion) in 2017, hitting an all-time high profit, according to the Banking Regulation and Supervision Agency on Jan. 30.

JBIC provided bank-to-bank credit line in Turkey, which is still active, Yumikura said.

"We have extended outstanding loans to four Turkish banks for supporting Japanese export to Turkey -- Isbank, Yapikredi, Denizbank and Garanti," he said.

Yumikura said the bank also supports renewable energy, energy efficiency and global environment projects in Turkey through Development bank of Turkey and Industrial development bank of Turkey.

The JBIC has supported various type of projects in Turkey in the field of energy, oil pipeline along with public private partnership based hospital construction for more than a decade.

The bank also provides policy-based finance with a mission of contributing to the sound development of Japan, the international economy and society as a whole.