India busi­ness fo­rum: ‘Tur­key a haven for in­vestors’

Dünya Executive - - BUSINESS -

Ac­cord­ing to Levent Topcu, a strate­gic an­a­lyst with fi­nan­cial ad­vi­sor EY, global growth may be stag­nant but Tur­key pro­vides a safe haven for in­vestors. “There is no his­tory of con­trol­ling or the seizure of de­posits in Tur­key,” told busi­ness­men from Tur­key and India at an event in Is­tan­bul last week.

Ad­dress­ing the third India Busi­ness Fo­rum, Topcu ruled out any fur­ther de­val­u­a­tion of the lira say­ing: “The Turk­ish mar­ket has a his­tory of fast turn­around. Growth has to come from sev­eral re­sources. Boost­ing con­fi­dence in the mar­ket will in­vite more in­vest­ments.”

India’s Ambassador to Tur­key, San­jay Bhat­tacharyya, said that over 151 In­dian com­pa­nies were reg­is­tered in Tur­key with a bilateral trade vol­ume of over $8.6 bil­lion. “There was 23 per­cent growth in bilateral trade over the last fis­cal year,” Bhat­tacharyya said, adding that the two coun­tries are ex­pected to launch talks over a free trade agree­ment by the end of 2019.

Man­ish Mo­han, a rep­re­sen­ta­tive of the Con­fed­er­a­tion of In­dian In­dus­try (CII), said that as Tur­key and India are two big economies and part of the G20, “there is a huge po­ten­tial bi­lat­er­ally and in third-party coun­tries for boost­ing trade.”

“Tur­key is a gate­way for en­ergy-rich cen­tral Asia and the vi­brant mar­kets of Europe for India,” Mo­han said. “Tur­key is be­com­ing a hub for wed­dings, MICE [meet­ings, in­cen­tives, con­fer­enc­ing, ex­hi­bi­tions], and as a plea­sure des­ti­na­tion for In­di­ans.” He pointed to IT, tourism, med­i­cal tourism, con­struc­tion, and tex­tiles en­gi­neer­ing as ar­eas where the two coun­tries can ben­e­fit from each other. Bhat­tacharyya said India is set to sign a me­moran­dum of un­der­stand­ing with Tur­key’s In­de­pen­dent In­dus­tri­al­ists and Busi­ness­men As­so­ci­a­tion (MUSIAD) to “meet the tar­get of $10 bil­lion in bilateral trade as set by our two lead­ers.” Dur­ing brain­storm­ing over busi­ness prospects in Tur­key, the In­dian busi­ness­men raised is­sues of bank­ing reg­u­la­tions, credit lines, and pos­si­ble com­pe­ti­tion with their Turk­ish coun­ter­parts if and when a free trade pact be­tween the two coun­tries is signed. “Fairer trade leads to growth and pros­per­ity,” Bhat­tacharyya said in re­ply, adding that he looks to­wards “an op­ti­mal solution and good ne­go­ti­a­tions with Tur­key” over free trade.

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