The launch of the historic Canada-Türkiye Strategic Partnership during Prime Minister Mark Carney’s visit on 22-24 October 2026 creates a framework for closer commercial cooperation, particularly in energy, defence and aerospace. The three-year action plan and concrete initiatives in this visit demonstrate a serious commitment to practical cooperation. As NATO allies and G20 members, we believe that our countries have a strong foundation on which to build.
At Paksoy, we see significant investment opportunities arising from this partnership. Realising them will require careful consideration of investment structures, project agreements, financing and regulatory approvals, particularly where technology transfer, local partners or third-country markets are involved.
Several areas appear particularly important:
Energy, nuclear technology and mining:
The visit has given significant momentum to energy and nuclear cooperation. This builds on the MoU signed in Toronto earlier this year between Türkiye Nuclear Energy Company (TÜNAŞ) and AtkinsRéalis/Candu Energy to assess the potential deployment of CANDU technology in Türkiye. We believe that combining Canadian nuclear expertise with Türkiye’s engineering, construction and industrial capabilities could create significant opportunities in project development and financing.
Beyond nuclear energy, the two countries also identified LNG, renewable energy, sustainable mining and critical minerals as areas for closer cooperation, creating further opportunities for Canadian and Turkish businesses to pursue investments and strategic partnerships across the broader energy and natural resources sectors.
Defence and aerospace:
Türkiye’s sophisticated defence industry, manufacturing capabilities and growing international presence complement Canada’s advanced technologies and established aerospace expertise. We believe that there is opportunity for joint ventures, joint production, technology transfer and investment, including in third-country markets.
Free trade and investment:
The forthcoming negotiations scheduled for 30 November – 4 December 2026 in Ankara toward a comprehensive free trade agreement offer an important opportunity to deepen commercial ties and improve market access. The cooperation agreed between Export Development Canada (EDC) and Türk Eximbank is also encouraging for Canadian and Turkish companies pursuing projects together, particularly in third-country markets.
Air transport and connectivity:
The expanded Air Transport Agreement provides scope for increased passenger services and expanded cargo connectivity, increasing passenger capacity and allowing unlimited cargo services, which will strengthen business connections and support opportunities across trade, tourism, aviation and logistics.
Energy, defence, and aerospace are areas of particular strategic focus at our firm. We would welcome discussions with Canadian colleagues and clients considering investments, partnerships, or projects involving Türkiye, including opportunities in third-country markets.
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This is for information purposes; it is not legal advice. As laws and their interpretation may change, please consult Turkish legal counsel to confirm the current position and obtain advice tailored to your circumstances before making any decision or taking action in relation to your matter in Türkiye. All rights reserved.