TOBB signs deals with Indian business organizations

NEW DELHI - Anadolu Agency

“The launch of the Turkish-Indian Working Committee and the signing of the cooperation deals are a good start for us to boost our economic ties. We need to prepare a detailed action plan in the coming three months. We can cooperate in each section of the economy. We believe more cooperation is mainly needed to boost women’s participation in the workforce,” Hisarcıklıoğlu said. AA Photo

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) has signed cooperation agreements with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII). 

A Turkish-Indian Working Committee was also established between the leading business organizations of the two countries. 

Turkish Deputy Prime Minister Ali Babacan and TOBB and B-20 Turkey head Rifat Hisarcıklıoğlu visited India with the aim of developing economic ties between the two countries through such agreements. 

“The launch of the Turkish-Indian Working Committee and the signing of the cooperation deals are a good start for us to boost our economic ties. We need to prepare a detailed action plan in the coming three months. We can cooperate in each section of the economy. We believe more cooperation is mainly needed to boost women’s participation in the workforce,” Hisarcıklıoğlu said. 

He said India is one of the biggest emerging countries of the world and Turkey is one of the most rapidly growing economies of the European and the Middle Eastern regions. 

“India makes over $470 billion of imports annually, but the share of Turkey’s exports to India is just around $586 million. This tiny amount of trade between the two countries is caused by the lack of interest and know-how with each other between Turkish and Indian business circles. We can, however, overcome this problem by building effective and permanent communication lines,” he said. 

He added Turkey’s aim it so increase the export volume to India by 10-fold.

He noted B-20 Turkey is ready to work with the FICCI on any of the B-20’s agenda topics this year.