FICCI & TOBB sign pact to set up India-Turkey Working Committee
'Investment Forums' to be organized
In a bid to give a fillip to B2B ties between India and Turkey, FICCI and Union of Chambers and Commodity Exchanges of Turkey (TOBB) signed a Cooperation Agreement for establishing India-Turkey Working Committee to identify obstacles in trade and economic cooperation. The two organisations will also co-host and organise 'Investment Forums' to promote investments opportunities both in India and Turkey.
The Cooperation Agreement was formalised at the B20 Consultative Meeting, organised by FICCI in New Delhi on April 6, 2015, with Dr. Rifat Hisarcıklıoğlu, President, Union of Chambers and Commodity Exchanges of Turkey (TOBB) and Chair – B20. The Agreement was signed by Dr. Jyotsna Suri, President, FICCI and Dr. Hisarcıklıoğlu in the presence of eminent business leaders representing India and Turkey.
The Agreement aims to promote business between the two countries; contribute to industrial and technological collaboration between their enterprises and economic institutions; coordinate and undertake joint efforts to collect, combine, analyse, evaluate and diffuse information in relation to trade, industrial and technological cooperation and investments for the mutual benefit of the two countries; and cooperate in partnering local chambers from India and Turkey to strengthen mutual knowledge and understanding between local businesses as well as exchange of best practices in providing services to their members.
The 'Investment Forums' will consist of a series of activities in New Delhi and Istanbul or in the other cities deemed appropriate by the parties, and include roundtable discussions with CEOs, and forums to promote the commercial aspects of the IndiaTurkish economic relationships.
Prior to the signing and exchange of documents, Dr. Hisarcıklıoğlu highlighted the importance of closer cooperation and need for collaboration between India and Turkey to up trade and investment numbers. He added that the current trade figures were only a drop in the ocean and attributed it to lack of interest and knowledge amongst industry leaders on both sides about the opportunities that were ready to be explored.
He stated that Turkey could open markets of North Africa, Middle East and Eurasia to India which would supplement India's quest for widen new markets. Dr. Hisarcıklıoğlu added that Indian Prime Minister Narendra Modi's reform agenda was in line with Turkish reforms and this would facilitate in deepening economic cooperation.
Speaking on B20, Dr. Hisarcıklıoğlu said that G20 was important for the future of globalisation and B20 provides a channel for business to support the G20 agenda, and had an important role to play in helping the G20 deliver meaningful outcomes. Since 2010, the B20 has formed a number of working subgroups or taskforces, chaired by prominent business leaders, which examine particular topics.
Dr. Hisarcıklıoğlu invited the FICCI President to visit Turkey with a delegation to deepen trade and investment relationship. He also informed the members present at the meeting about Turkey's Women Council which was actively promoting women entrepreneurs in the country.
On the occasion, FICCI President Dr. Jyotsna Suri stated that tourism held a lot of potential for the two nations as Turkey was one of the most favoured destinations for Indian tourists. However, the flow of Turkish tourists to India was small owing to lack of knowledge and information about this country. Hence, efforts should be made to promote India as a tourist destination for Turkish travelers.
Responding to Dr. Hisarcıklıoğlu invitation to visit Turkey and work with Turkey's Women Council, Dr. Suri said that she would be happy to lead a delegation to Turkey soon to deepen economic engagements between FICCI and TOBB and looked forward to work with Turkey's Women Council.
Dr. Rifat Hisarcıklıoğlu, President, Union of Chambers and Commodity Exchanges of Turkey and Chair – B20, exchanging MoU documents with Dr. Jyotsna Suri, President, FICCI.