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India and Turkey have set a trade target of $5 billion by 2012 and $10 billion in the next 10 years, an official statement said on Friday.
This followed a bilateral meeting in Turkey between the Minister of State for Commerce and Industry, Mr Jyotiraditya Scindia, and his Turkish counterpart Mr Nehat Ergun.
“Turkey presents the most compelling imperative for India to develop a strategic partnership in energy security, infrastructure development, automotives, and engineering industry fields,” Mr Scindia said in the statement.
The Minister added that, “there are immense possibilities for economic collaboration, joint projects and joint investments in our regions which are of common interest to both India and Turkey.”
Growing Trade
Trade between Turkey and India has grown at a Compounded Annual Growth Rate (CAGR) of around 27 per cent and reached $3.14 billion in 2009-10 from $1.2 billion in 2005-06.
Mr Scindia inaugurated the ‘India Show' on Thursday evening in Istanbul. The show, being held from February 3-6, is organised by the Commerce and Industry Ministry and Engineering Export Promotion Council India and has exhibits from various sectors of Indian engineering showcasing India's engineering transformation.
Over 160 engineering companies participated in the India Show, including Tata Motors, Bajaj Precision, HMT International, Ramakrishna Forgings, Noida SEZ and Mahindra World City. Others included Science and Technology Department, Tourism Ministry, Coffee and Tea Boards. The Governments of Andhra Pradesh, Gujarat and Madhya Pradesh were also represented.
Stronger presence
Mr Scindia said, “India-Turkey strategic partnership has to be viewed from an overarching perspective that draws on strategic, political and economic consideration.”
“India is making concerted efforts to extend co-operation in the Middle East, Central Asia and the Caspian Region. India and the European Union have established an institutionalised EU-India Strategic Partnership. Further, India and Turkey have set up a Joint Study Group to look at the feasibility of a bilateral Free Trade Agreement,” he said.
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