Trade Relations Between India and Turkey Developing Fast
India and Turkey, two countries with emerging markets are on the way to developing their mutual trade to a much better level.
In this respect some Indian groups have acquired companies in Turkey, recently and are seriously planning to enlarge their businesses in this country.
Generally speaking, India exports include cotton yarn, synthetic yarn, organic dyes, organic chemicals, denim, steel bars and rods, granite, antibiotics, carpets, unwrought zinc, clothing and apparels to Turkey and imports poppy seeds, auto components, marble, textile machinery, handlooms, denim, carpets, cumin seeds, minerals and steel products from this country.
In the meantime one can observe that weddings held by very rich businessmen in Turkey (Istanbul and Antalya mainly) have been occasions to improve mutual business relations and played a significant role as such.
In fact Indian weddings which have taken place in Turkey recently, have paved the way to more deals and more trade and investment between the two countries.
Istanbul and the southern province of Antalya for instance recently hosted two major Indian weddings, which cost nearly 5 million euros in total. Vartika Mittal, the nephew of the Indian steel magnate and owner of Arcelor Mittal, the world’s largest steelmaking company, married Utsav Goenka in Istanbul. Some 500 guests attended the three-day ceremony, which cost 3 million euros.
Last month, the Indian families of Bansal and Kanodia also spent 2 million euros on their children’s wedding at the Mardan Palace Hotel in Turkey’s southern province of Antalya. For 450 guests, they reserved 250 rooms in the hotel.
Indian groups have increased their investments in Turkey in recent months.
Turkish company called STANDART PROFIL was acquired by RUIA Group of India in May. It is reported that this group has also interest ,n Turkish mining, energy and metals sectors and plans to acquire more companies.
Vandanaa, an Indian energy group,on the other hand has recently acquired Ser Mining, (Turkish mining firm).
Then again, India’s Oil and Natural Gas Corp. (ONGC) is interested in investing in oil exploration in the country of Turkey.
It has also been reported that negotiations between India and Turkey to establish a free trade agreement are ongoing.
Many experts believe that this cooperation would definitely be to the benefit of both countries and Turkey especially would add to its enormous potential having India’s support.
August 2011
BUSINESS TURKEY TODAY
