Karnataka

Erdogan sees potential for more trade between Turkey and India

— Photo: K. Murali Kumar

Forging closer ties: Turkish Prime Minister Recep Tayyip Erdogan (second from left) and Karnataka Chief Minister B.S. Yeddyurappa flanked by Sajan Poovayya of FICCI (right) and G.M. Rao of the GMR group of companies at the business luncheon meeting with FICCI members in Bangalore on Monday.

Bangalore: Highlighting the potential for bilateral trade between India and Turkey, the Prime Minister of Turkey, Recep Tayyip Erdogan, has said there is scope for a threefold increase in two-way trade by 2010.

Mr. Erdogan was addressing a business luncheon meeting organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) for the Turkish delegation visiting Bangalore, on Monday.

Mr. Erdogan said India had an “active business presence” in Turkey, highlighted by the fact that 60 Indian companies were operating in his country. He highlighted the GMR Group’s ongoing project for the construction at Istanbul airport as an example of cooperation between the two countries.

He emphasised that Turkish companies in the field of construction, mining equipment and jewellery had the expertise to export to India. “India should take advantage of Turkish companies’ expertise in construction,” he said. Turkish construction companies, with orders for projects worldwide worth $110 billion, were among the best in the world, he said.

Referring to the proposal for a project to ship crude oil and liquefied natural gas (LNG) from Israel to India, Mr. Erdogan said there was a proposal for a project to transport fuel through a pipeline from Turkey to Israel. He said there was scope for shipping fuel from Israel to India. “Energy ministers of the three countries may meet soon to work out the modalities,” he added.

Chief Minister B.S. Yeddyurappa invited Turkish companies to participate in infrastructure projects in the State, based on the PPP (public-private partnership) format. “I promise to give full support to such ventures.”

Referring to the current global recession, Mr. Yeddyurappa said, “Friendly countries should rally behind each other during difficult times.” He said Karnataka’s “strengths” in electronics, software and aerospace could be used by Turkish business ventures.

Cefi J. Kambhi, Chairman, Turkish-India Business Council, said the two countries were “among the fastest growing economies in the world”. The volume of bilateral trade, currently about $2.7 billion, “is biased in favour of India”, Mr. Kambhi remarked. “Trade has to be more balanced, in terms of variety as well as volume,” he said. He suggested that companies from the two countries jointly participate in projects in third countries.

In his presentation on the Turkish economy, Alparslan Korkmaz, Chairperson, Prime Minister’s Investment Promotion and Support Agency, said Turkey was among the top 15 fastest-growing economies in the world. He said “structural reforms” in Turkey had resulted in lower taxes and the “free transfer of dividends” of foreign companies operating in the country.

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