World Economy

Turkey Eyes Economic Windfall From Erdogan’s India Visit

Turkey Eyes Economic Windfall From Erdogan’s India VisitTurkey Eyes Economic Windfall From Erdogan’s India Visit

The Turkish business world is expecting stronger economic ties, more direct investments and solutions to existing problems from Turkish President Recep Tayyip Erdogan’s visit to India on Sunday and Monday, according to analysts and Turkish officials.

Canan Celebioglu, head of the Turkey-India Business Council of Turkey’s Foreign Economic Relations Board, told Anadolu Agency on Saturday that the trade balance between the two countries, which favors India, must become sustainable for Turkey’s benefit as well.

“The share of bilateral trade is around 2% of Turkey’s $350 billion foreign trade volume. This figure is below 1% of India’s total trade volume, which is almost $700 billion. It shows that we are quite below the current potential,” she said.

Celebioglu noted that India, which is on the way to becoming the largest market in Asia, stands among the world’s top 10 economies in terms of both GDP and purchasing power parity rankings with its young 1.3 billion population, rapid growing middle class, fast urbanization and economic transformation.

“The needs of India have to be analyzed correctly. If we examine its top 25 trading partners, I believe that Turkey could take over the position of Thailand, Malaysia, South Africa, or Australia,” she said, adding:

“Turkish companies can become a significant supplier to India by establishing local partnerships, especially in the fields of agriculture, livestock, food products, the defense industry, petrochemicals, construction materials, furniture and glass products.”

“Turkish companies can stand out in the service sector, infrastructure, and superstructure areas. India may benefit from our experience in public-private partnership investment models in the field of civil aviation and healthcare,” she said.

Stressing the nascent state of the Indian tourism sector, Celebioglu said Turkish entrepreneurs could help write the same success story seen in the Mediterranean basin. “More slots could be provided by the two countries’ officials for both Turkish and Indian airlines to stimulate tourism activities,” she added.

Meanwhile, Vural Cekinmez, Turkey’s commercial counselor to India, said Turkish officials in New Delhi provide a wide range of support to Turkish companies wanting to enter the Indian market.

On Erdogan’s upcoming visit, Cekinmez said it would be one of the most comprehensive meetings in India in recent years. “This visit will provide significant benefits for both the Turkish businesspeople who already have investments in India and those looking at the potential here,” Cekinmez said.

Cekinmez stated that the “Make in India” initiative, introduced by Indian Prime Minister Narendra Modi, showed a solid resolve for boosting the country’s investment climate, cutting red tape and attracting foreign investors with an extensive approach.

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