India, Turkey trade to touch $2 bn

Aiming to take India-Turkey trade to the $2 billion mark by 2009, the two countries on Tuesday set up a joint CEOs' forum which would accelerate mutual investment and address issues hindering the bilateral trade.

"We expect the bilateral trade to reach $1 billion in 2004 and this is poised to double by 2009. Turkey has a competitive advantage in real estate and construction management, which can be extended to India," ministry of state

for commerce, E V K S Elangovan said at the inauguration of the forum, which was signed between confederation of Indian industry and Turkish industrialists' and businessmen's association international.

"The bilateral trade between India and Turkey is unfortunately less than one per cent of the global trade volume of either country. Also the balance of trade is in favour of India so we need to boost Turkey's position as the procurer for the market here," TUSIAD International president Aldo Kaslowskim, who is also the co-chairman of the forum, said.

Turkey, which can be India's gateway to the European market, is open to all kind of technical cooperation with India, he added.

Outlining the sectors, which have immense potential for bilateral trade, joint secretary (Europe II) ministry of external affairs Mahesh Sachdev said "Textiles is one the major sector and will gain more significance in the post-quota regime from January 1 2005. India's automotive market India's automotive market and pharma sector can be equally important for Turkey."