Union of Chambers and Commodity Exchanges of Turkey

Faik Yavuz said in his speech here that Turkish-Indian relations have a long history, that Turkey recognized India immediately after India declared independence in 1947, and that diplomatic relations were established between the two countries.

Explaining that India is a regional power with its growing economy, broad market, superiority in space and information technology, rich human resources, deep-rooted history and cultural heritage, Yavuz said, “Turkey-India economic relations are developing rapidly. Bilateral trade volume increased nearly 14-fold to $8.7 billion in 2018, up from $637 million in 2002. This situation is very gratifying. On the other hand, when this volume is examined, India's exports to Turkey are higher. We have a serious trade deficit. We need to improve our trade volume. Therefore, it is important to increase mutual investments and take steps to balance the trade volume in order to establish a more balanced trade relationship.”

Faik Yavuz said that mutual investments are an important area of cooperation for Turkey and India and that Turkey and India can be very good partners.

Yavuz pointed out that the Indian market plays an important role in Turkey's foreign trade strategy and emphasized the opportunities India offers in construction, health, automotive, textile, agriculture, energy, defense and high technology.