Turkey and India aim to reach $20 billion in bilateral trade by 2025, as more giant Indian firms have begun to focus on Turkish energy and infrastructure projects. To enhance commercial and economic relations, the two countries should continue negotiations to institute a free trade agreement and an inclusive economic partnership, New Delhi's envoy to Ankara Sanjay Bhattacharyya said in a statement to Demirören News Agency (DHA) yesterday.
According to data from the Embassy of India in Ankara, 150 Indian companies employ 5,000 people in Turkey. About 40 of these companies are active in production, services and agriculture. While relations between India and Turkey have increased recently, President Recep Tayyip Erdoğan's official visit to India in 2017 accelerated relations between the two countries.
While Indian companies mainly focus on energy, steel, copper, mining, pharmaceuticals, hotel management, bridge-highway construction, railways, automotive and information technologies in Turkey, Turkish companies have also accelerated market research to establish local partnerships. Earlier, an Indian company, one of the world's leading tractor manufacturers, acquired a Turkish tractor manufacturer. The trade volume between the two countries rose to $8.6 billion last year, an increase of 24% over the previous year. India's Ambassador to Ankara Bhattacharyya also signaled new investments in the coming years.
Ambassador Bhattacharyya evaluated Indian companies' investments in Turkey. "In recent years, we have seen various Indian companies investing in Turkey. We are a major player in the agricultural machinery, textiles, chemicals, medical products, and information technology sectors. We have an introductory tour that aims to increase Turkish investment in India and allow Indian companies to follow the same paths used by large companies in the past while investing in Turkey," he said. "I think that the Turkish construction sector has a great chance for the smart city initiative that we have realized in our country that covers 50 projects. Work has already begun in some cities. Thus, I believe there is great mutual investment potential that will strengthen economic cooperation between the two countries."
"We think that there are great opportunities for cooperation between rising India and rising Turkey. I believe we will strengthen our partnership further for the rest of this century. We have already gained very good momentum in terms of our bilateral relations. Our leaders are at a very strong level of political security. Our mutual exchange is growing, and we are strengthening our cultural exchange," the ambassador said. Ambassador Bhattacharyya also suggested that the two countries should continue negotiations to establish a free trade agreement (FTA) and an inclusive economic partnership and look at commercial defects and eliminate them for commercial convenience. "I fully believe that this can happen with the support of the business and trade communities," he concluded.
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