Erdogan seeks FTA and business opportunities.

Turkey could partner India in its 100 smart cities projects, said visiting Turkish President Recep Tayyip Erdogan, while seeking a Free Trade Agreement (FTA) and correct the trade imbalance between his country and India.

The FTA should eventually become a Comprehensive Economic Partnership Agreement (CEPA) in order to deepen and diversify economic and business cooperation between Turkey and India, said Erdogan.

Speaking at the India-Turkey Business Summit on 1 May 2017, Erdogan said bilateral trade stood at US$6.4 billion in 2016 with Indian imports of US$5.752 billion.

This was way below the potential, he said, also calling for the need to rectify the imbalance in trade as Turkey’s exports was just US$652 million last year.

He also called on Turkey and India to leverage the untapped potential in renewables, nuclear energy and tourism.

Speaking at the same summit, Prime Minister, Narendra Modi said “The time has come to take more aggressive efforts to deepen the economic relations (between the two countries) which was possible through trade, Foreign Direct Investment inflows and cooperation in a variety of projects.

Modi highlighted great business opportunity for Turkish companies to partner with Indian companies in India’s flagship programmes such as ‘Make in India’, ‘Digital India’ and ‘Start up India’.

The focus of his government was on creating a business-friendly climate in India, said the Prime Minister.

He urged Turkish companies to cash in on the unfolding opportunities in developing India’s infrastructure.

Plan were afoot to build 50 million houses by 2022, metros in 50 cities, high speed trains, upgradation of highways and modernization of the Indian railways.

India was establishing new ports and modernizing old ports, upgrading airports and improving connectivity to the remote corners of the country, said the Prime Minister.

Modi listed scope for business cooperation in the area of hydrocarbons, mining and food processing and urged business chambers of both countries to engage more closely to give a fillip to two-way investments and trade.

Shobana Kamineni, newly appointed President of the Confederation of Indian Industry (CII), elaborated on taking Indian-Turkish businesses into Central Asia and European Union.

Turkey can be India’s gateway to opportunities from energy connectivity with Central Asia to vibrant markets in the EU, she said.

Likewise, India represents a powerful destination for Turkish industry in its infrastructure, manufacturing and services aspirations.

Turkey’s strengths in infrastructure sync with India’s quest for infrastructure, just as India’s strengths in IT dovetail with Turkey’s quest to develop its knowledge sector.

The visiting President was accompanied 153-member business delegation, representing diverse economic sectors

The delegates were keen to join hands with Indian companies for the mutual benefit of both countries, said Omer Cihad Vardan, DEiK President of DEiK, the Foreign Economic Relations Board.

The summit was organized by FICCI in collaboration with the Ministry of External Affairs, CII and ASSOCHAM. fii-news.com