Turkey aims to boost trade ties with India

Turkey aims to boost trade ties with India

The Hindu Business Line: October 18, 2012

Hyderabad: Investment opportunities in Turkey were highlighted by a Turkish delegation at a seminar organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry here on Tuesday.

Ceylan Özen Erien, Consul General, Consulate General of Turkey, who led the delegation, said that bilateral trade between India and Turkey, which was only $505 million in 2000, rose to almost $ 7 billion last year.

Turkey is aiming at raising the trade volume with India to $10 billion within a few years. “The Free Trade Agreement that the two countries were working on would go a long way in achieving this target,” she said. Bi-lateral trade was skewed in India’s favour, with export from the country to Turkey totalling over $ 6 billion, while Turkey’s exports to India was about $ 750 million, she added.

Exports
India’s exports to Turkey include petroleum products, vaccines, cotton yarn, organic chemicals, denim, steel, granite and cars, while Turkey’s exports to India include poppy seeds, auto components, marble, textile machinery, cumin seeds and copper ores.

Ceylan said Turkey was now looking at new markets in Asia and Africa. Turkey is holding an international business summit in November, which will cover sectors such as ready wear, textile, leather, and textile machinery.