India Infrastructure Story Attracts Turkish Firms

MUMBAI, INDIA - Mr. Rizanur Meral, President, TUSKON (Confederation of Businessmen and Industrialists of Turkiye) led a business delegation of officials from TICCI (Turkish Indian Chambers of Commerce & Industry) to explore trade and investment opportunities in India. Top officials of World Trade Centre Mumbai and All India Association of Industries (AIAI) had an interactive meeting with the delegation on January 23, 2016 at WTC Mumbai.

Besides Mr. Meral, other officials who attended the meeting included Mr. Ersin Karaoglan, President, TICCI, Mr. Mehmet Ali Seker, Vice President, TICCI, Mr. Bulent Acikgoz, Vice President, TICCI, Mr. Ozgur Ozdemir, Director, TICCI Mumbai, Mr. Kantemir Amitov, Board Member, Business-association ‘JIA’ (of Kyrgyzstan), Mr. Abdul Wajidh, Co-ordinator, TICCI Mumbai, Mr. Vijay Kalantri, Vice Chairman, WTC Mumbai, Ms. Rupa Naik, Executive Director, AIAI.

Mr. Meral in his opening remarks, said, “Turkish companies are keenly interested to partner with their Indian counterparts in the infrastructure sector namely, road, power, ports and other related sectors”.

Mr. Meral added that the macroeconomic fundamental in Turkey is not so strong due to factors like double digit inflation, high interest rates. Also, there is slowdown in the economic growth of European countries and other prominent markets in the world. Under this condition, the strong growth in the Indian economy, along with low inflation, offers tremendous potential for foreign companies to invest in this country. Turkish companies find it attractive to invest in infrastructure, renewable energy, textiles, agro food and other sectors in India.

While India is a huge market with attractive growth opportunities, there is lack of readily available information on the investment avenues and incentives offered by different state governments in the country. The central and state governments must make available this information in order to facilitate foreign companies and investors, Mr. Meral suggested.

Mr. Meral invited Indian companies to partner with TUSKON’s missions of Focus Africa and Focus Eurasia (Kazakhstan, Kyrgyzstan, Belarus, Armenia, Russia), to build trade and investment relationship with these countries.

In his speech, Mr. Karaoglan said, “Turkish firms are not only interested to export their goods to India but also establish manufacturing facilities in the country which is in line with the Indian government’s ‘Make in India’ campaign.”

Mr. Kalantri, in his welcome remarks, said, “India and Turkey are natural trade partners as they have long standing cultural and economic ties. India has the potential to offer attractive returns to foreign investors due to strong economic growth (over 7% GDP growth) and favourable policy environment. Both countries must collaborate in the areas of infrastructure, renewable energy, textiles etc. Especially, the Indian government’s ‘Smart Cities’ project offers huge business opportunity for Turkish companies.”

During the meeting, WTC Mumbai and AIAI signed memorandums of understanding (MoUs) with TUSKON and TICCI.

PHOTO:  Mr. Rizanur Meral, President, TUSKON and Mr. Vijay Kalantri, Vice Chairman, WTC Mumbai exchanging MoUs. Mr. Mehmet Ali Seker, Vice President, TICCI is in the background.

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