A panel titled "Business and Investment Opportunities in India" was organized by the Independent Industrialists and Businessmen Association (MÜSİAD) at the association's head office.
Speaking at the opening of the program, Bhattacharyya said that they are in a very good period for increasing the economic relations between Türkiye and India.
Saying, "Türkiye is an important touchstone for us," Bhattacharyya conveyed that he has been in Türkiye for 10 months and that Türkiye, which he has travelled from east to west and from north to south, is an exceedingly beautiful country.
Noting that Türkiye has achieved significant successes in recent years, Bhattacharyya said, "With their changes and transformations, Türkiye and India can become good partners." Stating that India possesses tremendous wealth and diversity, Bhattacharyya spoke about the economic change his country has undergone in recent years and, noting that India has been transformed in economic terms, explained that they have turned their faces to the global economy and are able to move with the world on a global scale.
Recalling that India's population is 1.3 billion, Bhattacharyya reported that the class they call the "middle segment" in particular constitutes the country's driving force. Stating that India is one of the world's fastest growing economies, Bhattacharyya explained that they are a recipient of direct investment, that they have extremely dynamic economies such as Türkiye, and that thanks to this no difficulty would be experienced in terms of labour force.
Noting that Türkiye has structured its own economy very well, Bhattacharyya said, "In fact the two countries can be very good stakeholders. India and Türkiye are actually the natural partners of the 21st century. There are certain things we have carried from the 20th century into the 21st century. It is very important for Türkiye to turn its face towards India. India is the world's 5th largest economy, but we aim to have the 5th largest economy by the end of this year."
"Trade Volume Can Rise to USD 20 Billion in 5 Years"
Giving the information that the trade volume between Türkiye and India reached USD 8 billion 659 million in 2018, Bhattacharyya continued his remarks as follows:
"The trade volume was targeted to be USD 10 billion in 2020. Because very rapid mutual growth has been recorded, we foresee that we can reach the USD 10 billion trade volume this year. We wish to see the trade volume raised to USD 20 billion within 5 years. Reaching this figure is entirely possible with the potential the countries possess."
Stating that they have identified certain principal sectors that will offer opportunities for Turkish investors in India, Bhattacharyya said these are "infrastructure and construction", "pharmaceuticals and health", "automotive and machinery", "textiles and clothing", "agriculture and food processing", "energy-renewable resources" and "high technology, space, defence and biotechnology". Saying that they will sit down together with Turkish investors today and make an assessment, Bhattacharyya reported that other sectors may also offer opportunities for Turkish investors.
Underlining that mutual investments must be encouraged and increased, Bhattacharyya added that joint work could be carried out in areas of common interest.
"We Must Increase the Areas in Which We Cooperate"
MÜSİAD Vice President Adnan Bostan stated that India ranks among the leading countries within their targets and said that the trade volume between India and Türkiye has grown with momentum over the last 10 years.
Bostan said, "We have to carry our trade, which is concentrated on certain items such as marble and the automotive supply industry, into far more diverse areas. With the coming together of the richness that we may describe as two separate cultures, we can sign significant collaborations, above all in tourism."
Saying that Turkish contractors in particular must be more active in India, Bostan said, "We need to be in cooperation in construction and construction materials and to take our place there in infrastructure and superstructure projects."
Speaking about the importance of holding joint programs for the development of mutual relations, Bostan added that they aim to travel to India with a delegation.