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BW Businessworld

Turkey Keen To Join 'Make In India' Drive, Boost Trade

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Turkey said it wants to be part of the "Make in India" programme to grow bilateral trade and investments.
"I personally think the biggest incentive here now is stability and predictability. We have a strong feeling that chances of this country being successful is very high as it has all the conditions in place," Turkish Finance Minister Mehmet Simsek said in Mumbai on Monday.
He said trade between India and Turkey, members of the G-20, is very low at present and there is a huge potential to expand bilateral business links.
"In 2014, bilateral trade stood at mere $7.5 billion. But I see it to quadruple in next decade," Simsek said.
The minister appreciated the Indian government's "Make in India" campaign and said Turkish companies are excited to become part of the project, which seeks to transform India into a global manufacturing hub.
"Turkish companies cannot afford to miss the opportunities in India; they cannot afford to be left out in the Make in India campaign. We want to be part of it," said Simsek, who is visiting India to promote Turkey as an investment destination.
He said Turkish companies can participate in many sectors such as technology, energy, machine equipment, infrastructure, petrochemicals and food processing.
The minister said India could use Turkey's expertise in infrastructure development and construction. Turkish companies have significant expereience in carrying out large projects abroad.
The minister on Monday spoke at a business seminar and met India's business leaders, including Tata Sons chairman Cyrus Mistry.
Turkey is an important country for Tata Group's businesses, especially for its steel and power units, which will be supplying electricity to the Mediterranean nation from its under-construction Georgia plant.
Simsek is meeting Finance Minister Arun Jaitley on Tuesday in New Delhi.
The minister said Turkey's engagement in the Make in India campaign will not only grow trade between the two countries but also provide a boost to employment.
One issue hampering the growth of business is low awareness about opportunities in India among Turkish companies.
"In general, the core issue is that there is lack of awareness about opportunities here. The Make in India programme needs to be promoted in Turkey, where not many people are familiar with it," he said.