Turkey aims at three-fold rise in trade with India in 7 years

MUMBAI: Turkey is expecting the bilateral trade volume with India to jump to over $22 billion in the next seven years from $7.49 billion in 2014, given the favourable business climate prevailing in both the nations.

"I expect the trade between India and Turkey to rise three-fold from $7.49 billion in 2014 to over $22 billion in the next 5-7 years, supported by favourable business climate in both countries," Turkey Deputy Minister of Economy Adnan Yildirim said here.

He was addressing a gathering at the Turkey-India Business Forum.

The recent international developments like sharp fall in crude oil prices and recovery in US economy augur well for the economic growth of the two countries and this would lead to a sustainable bilateral trade, Yildirim added.

According to commerce ministry, the bilateral trade between the countries stood at $5.19 billion in 2013-14. The trade is in the favour of India.

The Minister also said that Turkey, which ranks 17 in size among all economies in the world, is aiming to improve its position to 10 by 2023.

India's exports to Turkey include petroleum products, vaccines, cotton yarn, organic chemicals, denim, steel, granite and cars, while Turkey's exports to India include poppy seeds, auto components, marble, textile machinery, cumin seeds and copper ores.