Indian firms should consider Turkey as base for Commonwealth of Independent States, Middle East, says head of business body
It is a right time for Indian companies to invest in Turkey, said head of an Indian business body.
“[Turkey’s] location is the biggest advantage [for investors]. We also have currency advantage,” Manpreet Singh, the president of the Indian Chamber of International Business, told Anadolu Agency.
Highlighting Turkey’s geographical location, Singh said Indian companies should consider the country as a base for the Commonwealth of Independent States and the Middle East region.
He said Turkish companies’ presence in the EU can be beneficial for Indian firms.
“There are a lot of Turkish companies that are well established in the EU […] So Indian companies can use this leverage to also get into the EU,” Singh said.
Touching on the country’s March 31 local elections, he said Turkey’s economy will grow further after the elections as “things will become more stable”.
Singh suggested that there should be an easy visa regime between the two countries, saying it will pave the way for businesses and tourism to improve.
“More people-to-people interaction will definitely increase businesses. Once tourism improves, businesses will definitely increase,” he said.
Singh also highlighted promising sectors for cooperation between Turkish and Indian companies.
“I think infrastructure would be the biggest sector. Because Turkey is experienced in infrastructure. In India, we are still getting there,” he said.
Singh said retail sector in India offers advantages for Turkish companies as the country has “a huge sales volume”.
Turkey mainly exports gold, metalliferous ores and metal scrap, crude fertilizers and crude minerals, non-ferrous metals, power-generating machinery and equipment to India, while it purchases petroleum, petroleum products and related materials, textile yarn and related products, plastics in primary forms, organic chemicals and road vehicles from India.
According to the Turkish Statistical Institute (TurkStat), trade volume between the two countries reached to more than $8.6 billion in 2018. Turkey’s export to India stood at $1.1 while its import from the country was over $7.5 last year, TurkStat data shows.
In the first month of this year the trade volume was at $636.5 million.