Turkey and India have already signed a legal framework for trade, economic and technical cooperation. Both the countries have also entered into Avoidance of Double Taxation and Reciprocal Protection and Promotion of Investments. All these initiatives will boost Turkey-India trade relations.
Turkey imports from India during 2007-08 improved by 32 percent to 1.8 billion dollar.
Turkey exports to India clocked a mind-boggling 409% increase. i.e., 1.7 billion dollars.
Turkish investments in India are in areas of tourism and travel, home textile products, construction and maintenance of roads.
Indian investments in Turkey are in diverse domains namely, railway construction, pipelines, electricity transmission, hydro-carbon, CNG conversion and IT services.
Turkey and India should proactively look forward to strengthening bilateral trade relationships, especially in the areas of small and medium enterprises. Further, Turkey and India should seek to collaborate in the areas of Research and Development and their viable spin-offs in the fields of bio-technology, nano-technology and information technology, Mr Ozdemir added.