Sep '09
The Minister informed about the decision of the Indian government to form a Joint Study Group to comprehensively study various aspects of bilateral trade, both in goods & services, and investments and also to explore the possibility of entering into negotiations for a Free Trade Agreement between India and Turkey. During the visit of Turkish Prime Minister Erdogan to India in November 2008, it was declared that both sides will consider the establishment of the Joint Study Group.
Shri Sharma also held separate meetings with Mr. Zafer Caglayan, State Minister for Foreign Trade of Turkey, Mr. Nihat Ergun, Minister of Industry and Trade, Mr. Taner Yildiz, Minister of Energy and Natural Resources and Mr. Mehmet Aydin, State Minister in charge for Science, Technology and Information, as well as co-Chairman of JCETC from the Turkish side.
FICCI with Union of Chambers and Commodity Exchanges of Turkey (TOBB) and Ankara Chamber of Industry jointly organized India Turkey Business Cooperation Meeting at TOBB Economic and Technical University which was jointly addressed by Shri Anand Sharma and Mr. Mehmet Aydin on September 7, 2009.
Indian companies such as GMR, Polyplex, Dhanus Technologies, Indian Oil Corporation Ltd, TATA, Mahindra and Mahindra, CRI Pumps etc have made significant investments in Turkey. Turkish companies are also investing in India, particularly in sectors such as highways, tourism and textiles. Both countries agreed to exchange delegations focused on investment to give further boost to bilateral economic relations.
India-Turkey bilateral trade, which has reached a level of US $ 3.4 billion during 2007-08, increased fivefold in the last five years. Indian exports to Turkey mainly consist of cotton yarn, fabrics and made-ups, man-made yarn and fabrics, machinery, drugs & pharmaceuticals, transport equipment, chemicals and fine chemicals. Indian imports from Turkey largely consist of machinery, iron & steel, metalifers, ores and metal scrap, inorganic and organic chemicals, etc.
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