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Reflecting a global power shift from developed economies to developing ones, trade and investment ties between developing countries are flourishing. Four years after acquiring a Chinese company, Arçelik, Turkeys biggest white goods maker, may be planning an investment that would enable it to manufacture household appliances on Indian soil.
There is no official proposal yet from Arçelik, but talks have been ongoing between the executives of the company and the Indian Consulate, said Subhash Gupta, the Indian consul for economic and trade affairs in Istanbul, said, speaking to the Hürriyet Daily News & Economic Review on Monday.
Arçelik executives told us they would like to invest in India for manufacturing household appliances while they were talking with our Trade and Commerce Minister Jyotiraditya M. Scindia in Istanbul on Feb. 4, Gupta said. We are delighted to hear such kind of inquires from Turkish companies.
Cefi Kamhi, chairman of the Turkish-Indian Business Council of the Foreign Economic Relations Board, or DEİK, also told the Daily News that Arçelik is seriously considering an investment in India.
Without giving further details on the amount of a possible investment, Kamhi said an increasingly wealthy population in India is attracting international companies to invest in the country. There is no doubt that Turkish firms are interested in the market, too, he said.
Lack of a free trade deal
Three executives of Arçelik attended the Indian-Turkish Business Council meeting organized by DEİK on Feb. 3, according to an attendance form seen by the Daily News. The executives said at the meeting that Arçelik is interested in the Indian market, but they refrained from taking another step further due to worries over high import taxes in India. They also noted the lack of a bilateral free trade agreement. In response, Minister Scindia said a possible free trade deal is on the agenda.
Gupta told the Daily News that Arçelik might acquire an Indian firm and manufacture locally for the booming Indian market, similar to what it did in China four years ago.
As we are evaluating various investment regions and opportunities, India is on our agenda, just like other regions are, the company said in an e-mailed statement to the Daily News. There is no investment decision yet taken, the statement said.
Arçelik had acquired 100 percent of the shares of Changzhou Casa-Shinco Electrical Appliances Co. Ltd. for approximately $8 million and registered the companys name as Beko Electrical Appliances Co. Ltd. in 2007.
With more than 17,000 employees, 11 production plants in Romania, Russia, China and Turkey, 13 sales and marketing companies worldwide, Arçelik sells products in more than 100 countries under nine brands: Arçelik, Beko, Blomberg, Elektra Bregenz, Arctic, Altus, Leisure, Flavel and Arstil.
India getting some serious gagdet and electronics finally
There is no official proposal yet from Arçelik, but talks have been ongoing between the executives of the company and the Indian Consulate, said Subhash Gupta, the Indian consul for economic and trade affairs in Istanbul, said, speaking to the Hürriyet Daily News & Economic Review on Monday.
Arçelik executives told us they would like to invest in India for manufacturing household appliances while they were talking with our Trade and Commerce Minister Jyotiraditya M. Scindia in Istanbul on Feb. 4, Gupta said. We are delighted to hear such kind of inquires from Turkish companies.
Cefi Kamhi, chairman of the Turkish-Indian Business Council of the Foreign Economic Relations Board, or DEİK, also told the Daily News that Arçelik is seriously considering an investment in India.
Without giving further details on the amount of a possible investment, Kamhi said an increasingly wealthy population in India is attracting international companies to invest in the country. There is no doubt that Turkish firms are interested in the market, too, he said.
Lack of a free trade deal
Three executives of Arçelik attended the Indian-Turkish Business Council meeting organized by DEİK on Feb. 3, according to an attendance form seen by the Daily News. The executives said at the meeting that Arçelik is interested in the Indian market, but they refrained from taking another step further due to worries over high import taxes in India. They also noted the lack of a bilateral free trade agreement. In response, Minister Scindia said a possible free trade deal is on the agenda.
Gupta told the Daily News that Arçelik might acquire an Indian firm and manufacture locally for the booming Indian market, similar to what it did in China four years ago.
As we are evaluating various investment regions and opportunities, India is on our agenda, just like other regions are, the company said in an e-mailed statement to the Daily News. There is no investment decision yet taken, the statement said.
Arçelik had acquired 100 percent of the shares of Changzhou Casa-Shinco Electrical Appliances Co. Ltd. for approximately $8 million and registered the companys name as Beko Electrical Appliances Co. Ltd. in 2007.
With more than 17,000 employees, 11 production plants in Romania, Russia, China and Turkey, 13 sales and marketing companies worldwide, Arçelik sells products in more than 100 countries under nine brands: Arçelik, Beko, Blomberg, Elektra Bregenz, Arctic, Altus, Leisure, Flavel and Arstil.
India getting some serious gagdet and electronics finally
