India, CIS countries eye cooperation with Turkey

[EjazR]

India, CIS countries eye cooperation with Turkey - Hurriyet Daily News and Economic Review

Trade between Turkey and India reached $3 billion in the last two years, Chairman of India-Turkey Business Council G.B.S Raju said Tuesday.

India and Turkey have managed to overcome the difficulties caused by the global economic crisis, said Raju, who is also the chairman of GMR International Group. “The trade statistics available for the first six months already tell a different story. While India’s exports have grown by 97 percent, Turkey’s exports to India have grown 38 percent,” he said, speaking at the India-Turkey-CIS Business Forum, organized by the Foreign Economic Relations Board of Turkey, in Istanbul.

He said that India attaches great importance to partnerships with Turkey and Commonwealth of Independent States, or CIS, countries, and had also invited Turkish companies to take a place in Indian infrastructure projects. “We are aware of the impressive global ranking of Turkish construction companies. India is a land of infrastructure. India is planning to invest over $500 billion in infrastructure between 2007 and 2012. This figure will eventually reach $1 trillion.”

Turkish Industry and Trade Minister Nihat Ergün underlined the growing economic potential of Turkey, India and CIS countries in his speech at the forum. “There are important changes in the world, eastern countries are gaining more importance day by day,” he said. There are various trade opportunities, which would “pave the way for the success and growth [for both Indian and Turkish businessman],” said Tanıl Küçük, the chairman of Istanbul Chamber of Industry.

According to estimates, CIS countries will have grown by 4.3 percent, India by 9.4 percent and Turkey by 7 percent by the end of this year, he said. Arcelor Mittal, which holds a 50 percent share in a rolling mill plant worth of $500 million it established with Turkish group Borusan Holding, Polyplex, GMR-Limak and Hobi Cosmetics all recently agreed to run joint operations with Dabur India Limited. The groups represent some of the strongest investment opportunities both in India and Turkey.

Turkish export to India reached $411 million by the end of last year, while imports totaled $1.9 billion. In the first half of this year, Turkey exported goods worth $257 million to India and imported goods worth $1.89 billion, according to the Prime Ministry’s undersecretariat of foreign trade.

 

[EjazR]

Ergün: ?stanbul to be major economic hub in future

Speaking at the Turkey-India-Commonwealth of Independent States (CIS) Cooperation Forum Meeting organized by the Foreign Economic Relations Board’s (DEIK) Turkish-Indian Business Council in İstanbul on Tuesday, Ergün told his audience that a bureaucrat friend of his asked a top executive at an international company why they chose to invest in İstanbul over London and was told, “London used to be the center in the past. İstanbul, however, is the center of the future.” “Indeed, we have sustained important acceleration in terms of economic and social aspects, and have become one of most attention-drawing countries in the world,” Ergün added. He stressed that Turkey has been one of the countries that was least affected by the economic crisis driven by the 2008 credit crunch in the US.

Turkey managed to secure a growth rate of 6 percent in the last quarter of 2009 and 11.7 percent in the first quarter of 2010. It has also refused to seal another stand-by deal with the International Monetary Fund (IMF), unlike a few other European countries.
‘An economically balanced world emerges’

In his speech, Ergün focused on the global transfer of economic importance from the West to the East. He said the emerging world economy will be more balanced than today’s western-oriented system, adding that the global financial crisis taught the world economies that producing wealth at the expense of other countries is no longer possible and that what is important from now on is cooperation.

In that regard, Ergün argued that Turkey is gaining strength in the political arena with each passing day, plays an active role in the process of resolving global issues and desires to use this strength to improve much-needed cooperation among the countries represented at yesterday’s forum.

“We attach great importance to the cooperation between our countries, which are likely to become the rising stars of the future. This cooperation will play an even more valuable role at a time when economic activities are heading to the East,” he said, adding that there is a huge need for businessmen from the participant countries to boost multilateral relations in the region.

Turkey’s total trade volume with CIS countries rose from $5.7 billion in 2002 to $56 billion in 2008, but with the impact of the global financial crisis this number dropped to $34 billion the following year. Last year Turkey’s foreign trade with India was $1.8 billion, down from $3 billion in 2008.

Ergün stressed that these numbers were not sufficient. “We are planning to increase our foreign trade with the CIS to $100 billion and with India to $10 billion in a couple of years,” the minister said. He drew attention to the importance of the energy, machinery, tourism, infrastructure, automobile, and construction industries as potential areas of significant cooperation. “We can make joint investments in these fields. Our countries, which are home to 24 percent of the world’s population, provide 11 percent of the total global income. These figures show our potential in production,” he added.

 

[your fear]

good to know

we want good relation with them

 

[Delhi]

good to know

we want good relation with them

We have always good relation with them, hope this trade make relation b/w two nations on further mile stone

 

[banned]

Pakistan could play vital role here with its rail link to turkey

 

[gowthamraj]

He said that India attaches
great importance to
partnerships with Turkey
and Commonwealth of
Independent States, or
CIS, countries, and had
also invited Turkish
companies to take a place
in Indian infrastructure
projects. “We are aware of
the impressive global
ranking of Turkish
construction companies.
India is a land of
infrastructure. India is
planning to invest over
$500 billion in
infrastructure between
2007 and 2012. This figure
will eventually reach $1
trillion. ”

Good news