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Turkey envisions India as a partner
Turkey has selected India as a strategic partner to accelerate the growth of the country, said Mr. Alpaslan Korkmaz, President and CEO, Investment Support and Promotion Agency of the Republic (ISPAT) at a meeting organised by the Confederation of Indian Industry (CII) and Society of Indian Automobile Manufacturers (SIAM) here on Wednesday. The meeting focused on Turkey as a new growth centre for Indian and Global Corporations.
Turkey is enhancing the role of private sector in the economy by opening the key markets to competition and regulation by independent agencies, said Mr. Korkmaz. He said that Indian investors have lot of opportunities in Turkey as the government of the country has initiated structured reforms in public sector, social security, financial sector and tax structures. Improved investment environment and accelerated privatisation in Turkey will provide Indian companies an access to the EU, Central and Eastern Asian markets, he added.
He said that growing domestic market, institutionalised economy, qualified and cost effective labour are favourable to Indian companies to invest in infrastructure development and manufacturing. Mr. Korkmaz said that Turkish government has created special investment zones where the companies can get 100% exemption from custom duties and other assorted duties. He added that government will also provide100% exemption from corporate tax for the producer companies and100% exemption from the value added tax (VAT) and special consumption taxes.
Talking about investment opportunities in Turkey, Mr. Korkmaz said that Turkey is the 17th largest economy of the world and has 13th highest FDI inflow in the world (2006). He said that over 1 million motor vehicles were produced in 2006, for 17 global brands, making Turkey 17th largest producer worldwide. Qualified and cost-effective labor force, Central location (Europe, Central Asia, Middle East), energy corridor and terminal of Europe, low taxes & incentives and being an EU accession country since October 2005 makes Turkey a highly potential country for investment, added Mr. Korkmaz.
Turkey also has a huge tourism industry with 20.3 million tourists visited Turkey in 2005, ranking it as the 9th most attractive holiday destination in the world, said Mr. Korkmaz. He said that Turkey has high literacy and skilled workforce with every school having broadband internet connection. Turkey has reached 54 million GSM users and 18 million internet users, added Mr. Korkmaz.
India and Turkey have a similar democratic setup and the new world order has brought lot of synergy between the two countries, said Mr. Deep Kapuria, Chairman, CII Northern Region and Chairman & Managing Director, Hi-Tech Gears Ltd. The bilateral trade between India and Turkey is happening in automotive sector and manufacturing aspects are being looked at, he said. Knowledgeable and competent manpower available to India can compliment the workforce of Turkey which has a similar trend, said Mr. Kapuria.
Green technology is the key area of concern and the developments in this area of technology in EU and Turkey should be funelled to India, said Mr. Kapuria. CII has already signed three MoUs with confederations in Turkey and companies should take the opportunity of the ongoing process of business integration, he added.
Indian companies who want to capture EU market, should use Turkey as their springboard as the operating cost is one-third in Turkey comapred to any other EU country, said Mr. Ravi Chaudhry, Chairman, Cemex Consulting Group and India Representative, ISPAT. He said that Turkey represents mainstream opinion and has the youngest population, making it favourable as an investment destination. Automotive, energy, consumer electronics and telecom are the key areas of business in Turkey, said Mr. Chaudhry.
He said that Turkey spends more on education than any other sector and in last four years have sustained an average of GDP growth of more than 7%. FDI in Turkey is set to be $ 30 billion for the year 2007 and Indian companies have already started investing in that country. Indian Oil has $ 5.5 billion in petroleum and LNG sector and other Indian companies are following the same, said Mr. Chaudhry.
From:Turkey envisions India as partner for bi-lateral trade
Turkey has selected India as a strategic partner to accelerate the growth of the country, said Mr. Alpaslan Korkmaz, President and CEO, Investment Support and Promotion Agency of the Republic (ISPAT) at a meeting organised by the Confederation of Indian Industry (CII) and Society of Indian Automobile Manufacturers (SIAM) here on Wednesday. The meeting focused on Turkey as a new growth centre for Indian and Global Corporations.
Turkey is enhancing the role of private sector in the economy by opening the key markets to competition and regulation by independent agencies, said Mr. Korkmaz. He said that Indian investors have lot of opportunities in Turkey as the government of the country has initiated structured reforms in public sector, social security, financial sector and tax structures. Improved investment environment and accelerated privatisation in Turkey will provide Indian companies an access to the EU, Central and Eastern Asian markets, he added.
He said that growing domestic market, institutionalised economy, qualified and cost effective labour are favourable to Indian companies to invest in infrastructure development and manufacturing. Mr. Korkmaz said that Turkish government has created special investment zones where the companies can get 100% exemption from custom duties and other assorted duties. He added that government will also provide100% exemption from corporate tax for the producer companies and100% exemption from the value added tax (VAT) and special consumption taxes.
Talking about investment opportunities in Turkey, Mr. Korkmaz said that Turkey is the 17th largest economy of the world and has 13th highest FDI inflow in the world (2006). He said that over 1 million motor vehicles were produced in 2006, for 17 global brands, making Turkey 17th largest producer worldwide. Qualified and cost-effective labor force, Central location (Europe, Central Asia, Middle East), energy corridor and terminal of Europe, low taxes & incentives and being an EU accession country since October 2005 makes Turkey a highly potential country for investment, added Mr. Korkmaz.
Turkey also has a huge tourism industry with 20.3 million tourists visited Turkey in 2005, ranking it as the 9th most attractive holiday destination in the world, said Mr. Korkmaz. He said that Turkey has high literacy and skilled workforce with every school having broadband internet connection. Turkey has reached 54 million GSM users and 18 million internet users, added Mr. Korkmaz.
India and Turkey have a similar democratic setup and the new world order has brought lot of synergy between the two countries, said Mr. Deep Kapuria, Chairman, CII Northern Region and Chairman & Managing Director, Hi-Tech Gears Ltd. The bilateral trade between India and Turkey is happening in automotive sector and manufacturing aspects are being looked at, he said. Knowledgeable and competent manpower available to India can compliment the workforce of Turkey which has a similar trend, said Mr. Kapuria.
Green technology is the key area of concern and the developments in this area of technology in EU and Turkey should be funelled to India, said Mr. Kapuria. CII has already signed three MoUs with confederations in Turkey and companies should take the opportunity of the ongoing process of business integration, he added.
Indian companies who want to capture EU market, should use Turkey as their springboard as the operating cost is one-third in Turkey comapred to any other EU country, said Mr. Ravi Chaudhry, Chairman, Cemex Consulting Group and India Representative, ISPAT. He said that Turkey represents mainstream opinion and has the youngest population, making it favourable as an investment destination. Automotive, energy, consumer electronics and telecom are the key areas of business in Turkey, said Mr. Chaudhry.
He said that Turkey spends more on education than any other sector and in last four years have sustained an average of GDP growth of more than 7%. FDI in Turkey is set to be $ 30 billion for the year 2007 and Indian companies have already started investing in that country. Indian Oil has $ 5.5 billion in petroleum and LNG sector and other Indian companies are following the same, said Mr. Chaudhry.
From:Turkey envisions India as partner for bi-lateral trade
