MILESTONE IN ECONOMIC AND TRADE RELATIONS BETWEEN TURKEY AND INDIA
Hosted by DEİK, the India-Turkey Business Forum was attended by Turkish President Recep Tayyip Erdoğan, Indian Prime Minister Shri Narenrdra Modi, DEİK President Ömer Cihad Vardan, Federation of Indian Chambers of Commerce & Industry (FICCI) President Pankaj R Patel, and the Confederation of Indian Industry President Shoban Kamineni on May 1, 2017 in India's capital New Delphi. This visit was the first visit on presidential level after 7 years; the Business Forum organized as part of the official visit was attended by more than 160 Turkish business people and many Indian business people.
During Turkish President Recep Tayyip Erdoğan's opening remarks, he expressed that economic cooperation between India and Turkey needs to be developed and diversified. Within this scope, Extensive Economic Partnership negotiations needs to be commenced as soon as possible, Turkey-India Joint Economic Commission that held its last gathering in 2014 needs to continue and Turkey-India Free Trade Agreement negotiations should start right away. President indicated that there is a trade imbalance under the current circumstances and that trade figures are still not reflecting the full potential. He further called Turkish investors to invest in India and Indian investors to invest in Turkey. "We need to diminish the currency pressure affecting our trade. We need to trade using our local currencies" said President Erdoğan.
President Recep Tayyip Erdoğan drew attention to the fact that India is the world's largest economy and fastest growing free trade economy and that there are huge partnership opportunities in the fields of high technology including informatics and information technology. He further added that Turkey and India needs to develop partnership in the fields of construction, energy and tourism.
Indian Prime Minister Shri Narendra Mod expressed that Turkey and India have similar economic vision as well as similar history during his opening speech at the Forum. Bilateral trade and economic relations have ameliorated over the years yet still are below the full potential. He drew attention to the fact that Indian and Turkish economies are among the top 20 economies in the world, thus, more effort is required for the collaboration between two countries. He indicated that Indian economy is one of the fastest growing economies in the world and due to the transformation of large corporations as well as SMEs as a result of the implementation of knowledge-based economic development model. Indian Prime Minister Modi underlined the fact that Turkish construction sector has concluded many significant global projects and that by 2022, which is the 150th anniversary of country's independence, they want to build 50 million housing thus want to collaborate with Turkish construction sector. Prime Minister drew attention to the fact that there is an untapped tourism market and that partnerships in the field of energy need to grow.
DEİK President Ömer Cihad Vardanindicated that India has grabbed attention of many other countries due to its economic growth speed, growth in economy and disposition to development. However, the current trade figure does not reflect the potential between two countries. "We are very hopeful regarding the future of the economic relations between two countries. Business Forum held today is the "first step, first acquaintance"; nevertheless, Turkish and Business Communities are responsible of excavating the economic and trade potential and sustaining relations.
Federation of Indian Chambers of Commerce & Industry (FICCI) President Pankaj R Patelemphasized the fact that trade and economic cooperation between two countries need to grow and that Turkey geostrategic location and India's growing economy make these two countries strategic trade partners.
In the B2B meetings at the Turkey-India Business Forum, organized by DEİK, Turkish and Indian business communities were able to discuss opportunities in the sectors of construction, infrastructure, and energy.
Turkey-India Trade Figures (Ministry of Economy-2016)
Turkish Export to India: 652 million US Dollars
Main Export Items:Marble, seeds, cast iron, machinery and mechanical devices parts and accessories, silver and gold
Turkish Import from India: 5.7 billion US Dollars
Main Import Items: Petroleum oils, parts and components for road vehicles, synthetic rope, tractor, crude aluminum
Trade Volume: 6.4 billion US Dollar
Trade Balance:5.1 billion US Dollar in favor of India
