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Our Bureau

New Delhi, March 18

India on Tuesday invited the Turkish companies to explore the Indian markets and make investments, especially in the infrastructure sector.

At the bilateral meeting with the visiting Turkish State Minister for Foreign Trade, Mr Kursad Tuzmen, the Union Commerce and Industry Minister, Mr Kamal Nath, said that Indian companies were also committed to make investments in Turkey. Both sides agreed that India and Turkey could collaborate in R&D and their commercial spin-offs in the fields of bio-technology, nano-technology and information technology.

The meeting was attended by Mr Ajay Shanker, Secretary (Industrial Policy & Promotion); Mr G.K. Pillai, Commerce Secretary, senior officials from the Ministry of Commerce and Industry, and representatives from the industry.

Indian investments in Turkey are in diverse sectors viz., railway construction, electricity transmission, pipelines, consultancy services for earthquake emergency, hydro-carbon, CNG conversion and IT services. Turkish investments in India are in sectors of tourism and travel, home textile products, construction/maintenance of roads and so on.

During the discussions, both sides agreed to strengthen the bilateral trade relationship particularly in the small & medium enterprises (SMEs) sector. Mr Nath stated that Indo-Turkish trade is now on the upswing and the bilateral trade has grown from $1,193 million in 2005-06 to $1,653 million during 2006-07.

Both sides noted that considerable untapped opportunities remain and both countries are working at exploiting this potential for growth. It is felt that B-2-B engagement would take the bilateral trade relationship to higher levels and the governments need to facilitate B-2-B engagement and act as catalyst.

India’s exports to Turkey largely consist of manmade yarn fabrics, made-ups, transport equipments, cotton yarn, fabrics, drugs, pharmaceuticals and fine chemicals, plastic and linoleum products, and so on. The main imports from Turkey are petroleum, crude products, machinery except electrical and electronics, inorganic chemicals, spices, an official release said here.

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