Ankara, Turkey – DEIK’s Turkey-India Business Council says bilateral trade volume target $10B for 2020, $25B for 2023. Trade volume between Turkey and India has posted a steady growth for the last two years.
Turkey-India Business Council of Turkey’s Foreign Economic Relations Board (DEIK) reports that surpassing $8 billion trade volume, of which $7 billion are imports and $1.2 billion exports, target last year was achieved.
The two countries set a bilateral trade volume target of $10 billion for 2020, and $25 billion for 2023.
As cultural and economic paradigm is changing around the world, political, economic and cultural ties between Turkey and India have gained more importance. India has an upward trend in ease of doing business due to simplification of laws and regulations, and a more transparent fiscal policy.
Noting that India has various opportunities for Turkish investors. India, where a number of pharmaceutical raw materials are produced, has significant mutual potential for Turkey, which is a producer of high value-added products such as medical devices and test kits.
Regarding upon India’s wedding industry, Turkey hosted 25 Indian weddings, surpassing $100 million last year. These positive developments have strong implications for bilateral relationship. Despite a fall this year due to Covid-19, it has projected to reach new records in Indian wedding tourism industry in Turkey in 2021.
Evidently, Turkey, India have been exploring the development of cultural, political, and economic links between Turkey and the Indo-Pacific region. Both Turkey and India are middle-income secular democracies with deep historical connections, and the two countries are natural allies in Asia.
Projectively, Turkey, India have immense opportunities to develop political, economic, and cultural relations, and these developing relations play an important role in the rapprochement of peoples and the establishment of global peace.