Indian, Turkish industry bodies sign pact to boost ties

Aiming to boost bilateral business ties, industry bodies from India and Turkey today signed agreements here.
To achieve the objective, Union of Chambers and Commodity Exchanges of Turkey (TOBB) signed separate pacts with industry bodies CII and Ficci.
The Ficci-TOBB agreement is for establishing India-Turkey Working Committee to identify obstacles in trade and economic cooperation. The two organisations will also co-host and organise Investment Forums to promote investment opportunities both in India and Turkey.
TOBB President Rifat Hisarciklioglu said that Turkey could open markets of North Africa, Middle East and Eurasia to India which would supplement its quest for new markets.

Under the MoU between TOBB and CII, both parties agreed to take all such steps as may be necessary and feasible to promote bilateral trade and economic cooperation between the two countries.
These include undertaking studies to determine support which might benefit their respective members and exchange of information on all economic and commercial matters with regards to Turkey and India including specific industrial sectors relevant to both the countries.

"India and Turkey share strong bonds of friendship and commercial linkages dating back several centuries. Today, both India and Turkey have a vibrant economic relationship that has only touched the tip of the iceberg," Godrej Group Chairman Adi Godrej said.

Besides, CII also signed a pact with the European Bank for Reconstruction and Development (EBRD), which aims to increase financing opportunities of EBRD to Indian corporates.
EBRD has already made USD 1 billion investment in India and there is huge untapped potential in the Indian private sector. The MOU will provide access to Indian corporates to global financing opportunities.