Union of Chambers and Commodity Exchanges of Turkey

TOBB has signed two cooperation agreements in India

06.04.2015 / New Delhi / India

Agreements signed during the India visit of TOBB President Rifat Hisarcıklıoğlu and the delegation accompanying him aim to strengthen the economic relations between the two countries.​
TOBB President Hisarcıklıoğlu, in his speech at the signature ceremony for the Work Committee agreement with FICCI, stated that there are significant opportunities for fostering a strong inter-institutional cooperation.

Stating that establishing the Turkey – India Work Committee is a good start, Hisarcıklıoğlu said, “We must prepare our action plan within three months. As per the agreement, we offer cooperation in all fields of economy. We believe that cooperation is necessary especially in the matter of woman entrepreneurship. We have the largest businesswomen council with 7,000 members. I see great potential here. Both India and Turkey have important advantages.”

Pointing out that India is one of the most important developing countries in the world, Hisarcıklıoğlu drew attention to the fact that Turkey is the fastest growing economy in Europe and the Middle East.

Hisarcıklıoğlu stated that Turkey presents many opportunities is numerous sectors in regards to growth potential.

Stating that it would be possible to conduct cooperation with Indian partners in the Middle East, North Africa, Balkans and Central Asia hinterlands, Hisarcıklıoğlu reported that Turkey has become the largest production base between Italy and India.

Drawing attention to the fact that the bilateral trade figures do not reflect the full potential between India and turkey, Hisarcıklıoğlu went on: “Taking into account India’s imports totaling 470 billion USD, Turkish exporters only export a total of 586 million USD in goods to India. This stems from the lack of information in the business circles in Turkey and India. This is an easily surmountable problem. The solution is effective and constant communication. Turkey and India stand at the same point as the rising economies of Asia. Both are energy dependent and share interests in various regions, especially Central Asia. Deepening our economic cooperation avenues is necessary to this end. That is what we are aiming for with the Turkey – India Work Committee between FICCI and TOBB.”

Pointing out the importance of G20 for the future of globalization, Hisarcıklıoğlu said, “We must have a stronger presence on this platform. That is why I am here. We must be closer in order to engender stronger business communities within B20. As the B20 Chair, we stand ready to cooperate with FICCI in matters concerning B20.”

- “We must increase our cooperation on global platforms”

Hisarcıklıoğlu was accompanied by Deputy Prime Minister Ali Babacan during the signing of the cooperation agreement with the Confederation of Indian Industry (CII) at the CII General Assembly.

Stating that it is their intention to vitalize bilateral economic relations with these agreements, Hisarcıklıoğlu said, “We only export a volume of 500 million USD with a country which imports an annual volume of 470 billion USD with a population of 1.2 billion people. Our short term goal should be to increase this figure ten times over. This is why we’ve signed agreements with the two strongest business organizations in India. We will actualize the potential of both countries with delegation visits.”

Pointing out the need to increase the cooperation between Turkey and India not just in bilateral relations but also on global platforms, Hisarcıklıoğlu touched on the importance of solving the issues of the global economy on platforms such as G20 and forming a more comprehensive framework.

Stating that this is what Turkey aims to do during its term as G20 and B20 Chair, Hisarcıklıoğlu expressed their hope that this would be the inheritance of rising and developing markets.

Reporting that developing markets have become the main source of global economic production and growth, Hisarcıklıoğlu stated that the voice of developing countries is too weak in business circles, hence the B20 regional consultative forums which they’ve started this year.

Hisarcıklıoğlu stated that the goal of these forums is to more effectively include developing G20 economies in B20 processes as well as listening to the viewpoints of non-G20 countries.

Stating that, as the members of the business community, they do not wish to separate countries as G20 or non-G20, Hisarcıklıoğlu pointed to the importance of inclusive growth and business agenda for SMEs.

Pointing to the importance of SMEs, Hisarcıklıoğlu reported that the World SME Forum, established by TOBB in collaboration with the ICC, would be the voice of SMEs on a global scale.

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