Turkey-India trade can double to USD 20 billion
India and Turkey witnessed remarkable growth in their bilateral trading relationship in recent years. Turkey became the 30th largest trade partner of India in 2021-22 from 39th in 2012-13 and our bilateral trade has crossed the USD 10 billion mark last year.
At the same time, there is still untapped growth potential for bilateral trade as both the countries are aiming to double the trade volume to USD 20 billion in the coming years. In order to create awareness about the sectors with untapped trade potential, WTC Mumbai organized an interactive meeting with an in-bound business delegation from Turkey in association with Consulate General of Turkey and All India Association of Industries (AIAI).
Mr. Huseyin Aydin, Commercial Attache, Consulate General of Turkey in Mumbai in his remarks said,“There is a keen interest among business communitis of India and Turkey to strengthen trade and investment relations. With the easing of the travel restriction in recent months, there is even more interest among Turkish companies and their Indian counterparts to participate in trade delegation and explore business opportunities. So, I am optimistic that both the countries can touch USD 20 billion trade volume, as envisaged by the Hon’ble Indian Prime Minister.” Further, Mr. Aydin highlighted potential sectors for trade and investment between India and Turkey.
Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, MVIRDC WTC Mumbai suggested both the countries to initiate talks for a free trade agreement to boost bilateral trade. Suggesting other measures to promote bilateral trade, Dr. Kalantri remarked, “We need to target some focus sectors such as auto-components, textile, home furnishing and others to promote two-way trade. Both countries can introduce multiple entry visa regime for businessmen to facilitate official visits across our borders. We should also promote more Indian investment in Turkey and vice versa. Indian pharma and other manufacturing companies can consider Turkey as a gateway to Europe” he said.
The business delegation was led by Foreign Economic Relations Board of TĂĽrkiye (DEÄ°K)'s TĂĽrkiye-India Business Council. Members of this business delegation represented sectors such as Welding/Valves and related products, Logistics and Warehousing, Engineering Consultant, Electronics Waste Recycling, Plywood, Hazelnut/Jute, Industrial Kitchen and Tourism.
Capt. Somesh Batra, Vice Chairman, MVIRDC WTC Mumbai while proposing the vote of thanks for the programme said, “Both countries may extend visa free arrival facilities for businessmen and tourists to promote two-way commercial relations. Turkish companies can participate in the hybrid Trade Show Connect India 2022, which is an initiative of WTC Mumbai to connect companies to the global market. There is also a need to increase frequency of flight service between both the countries and connect more Indian cities, besides Delhi and Mumbai to Turkey.”
This discussion was followed by a networking session between the members of the visiting Turkish delegation and Indian companies.
The event was attended by members of trade and industry, financial institutions, women entrepreneurs and others.
In Photo (From left to right): Capt. Somesh Batra, Vice Chairman, WTC Mumbai; Ms. Hulya Gedik, Chairperson, Turkey-India Business Council; Dr. Vijay Kalantri, Chairman, WTC Mumbai; Mr. Huseyin Aydin, Commercial Attache, Consulate General of Turkey in Mumbai and Ms. Rupa Naik, Executive Director, WTC Mumbai.