MUMBAI, INDIA - Adnan YILDIRIM, Deputy Minister of Economy, expects the trade between India and Turkey to triple from $7.49 bn in 2014 to over $22 bn in the next 5-7 years. This would be enhanced with a favorable business climate in both the countries. The minister shared his views while delivering the keynote address at the Turkey–India Business Forum, jointly organized by the MVIRDC World Trade Center, the All India Association of Industries (AIAI), Ministry of Economy, Republic of Turkey, Turkish Exporters Assembly and Aegean Exporters’ Associations.
This was YILDIRIM’s first visit to India and he chose to lead the delegation first to Mumbai over other cities since it is the financial capital of the country. He was happy to see the response to the interaction initiated by the WTC Mumbai.
While YILDIRIM sounded upbeat regarding the growth of trade between the two countries, he eagerly expects Indian government to pursue talks on the proposed FTA with Turkey. He was hopeful that the volume of the intra-Asian trade would rise significantly from the present level of $ 3.08 trillion if Indo-Turkish bilateral trade gains momentum. Riza SEYYAR, Chairman of Agean Fresh Fruit and Vegetables Exporter’s Association, which represents 60,000 exporters in Turkey, suggested the Indian government and businessmen to use Turkey as a gateway to the access European markets.
Serdar AKINCI, Head of Department, Ministry of Economy Turkey gave an overview of the emerging macroeconomic trends in Turkey and listed the investment incentives provided by the Turkish government. He informed that Turkey, which ranks 17 in size among all economies in the world, aims to improve its position to 10 by 2023. He expected a large share of this increase in trade to come from India.
Speaking at the event, Vijay Kalantri, Vice-Chairman, MVIRDC World Trade Center and President All India Association of Industries (AIAI) assured the Turkish delegation that his organizations would pursue with the Indian government to have an FTA with Turkey. Kalantri said the country would act as a hub for India’s investment in the European continent, North Africa and the Middle East.
The bilateral trade in 2014 was recorded at 7.5 bn and the balance is in India’s favour. Although, over 150 Indian companies have investments in Turkey, Turkey invests very little in India, which needs to be raised in view of ‘Make in India’, ‘Digital India’ and the government’s intent on ease of doing business.
Earlier, in his welcome address Feroze Andhyarujina, Senior Advocate, High Court expressed hope that India-Turkey trade relationship would grow given the geographical advantage of Turkey, its improving macroeconomic fundamentals and mammoth investment in infrastructure.
Y.R. Warerkar gave the vote of thanks.

Caption: From (L-R) : Erdal Sabri Ergen, CG Turkey, Vijay Kalantri, VC, MVIRDC WTC & AIAI, greets HE Adnan YILDIRIM, Dy Minister of Economy, Turkey & Rıza SEYYAR, Chairman of Aegean Fresh Fruit and Vegetables Exporter’s Association during ‘Turkey - India Business Forum’ organized by MVIRDC WTC, Turkish Exporters Assembly, Republic of Turkey-Ministry of Economy, AEA & AIAI.

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