Good-will agreement between Turkey & India will ease the trade relations

Tevfik Donmez, the president of Turkey-India Business Council of Foreign Economic Relations Board (DEIK) stated that many countries, including India have had some troubles because of the pandemic.

Donmez emphasized that India operates a rather easy transition process due to it’s self-sufficient agriculture based economy and dynamic, young population. India is partially late to open borders because of the possible financial costs of the pandemic

Donmez reminded that civil aviation between India and Turkey has been opened recently and said:

‘’ Our tourist numbers have been successively increased by 100 percent for 2 years; we have had 300 thousand tourists.  We believe that our cultural, commercial and economic relations with India continue to improve.

India is one of the 17 aimed countries in the Ministry of Commerce list of ‘’Master Plan in Export’’. Even though trade and investment relations between India and Turkey have gained speed lately, it still does not truly reflect the potential. Our existent trade volume of 8.5 billion dollars should be increased to 20 billion dollars. The export between Turkey and India has been increased for 5 years; machine, cement and inorganic chemical exports are increased nearly 1.3 times more. Energy export was valued at 18 million dollars in 2013; it reached 120 million dollars in these days. Exports of dried fruits, water and animal products, raw fruits and vegetables are also increased greatly compared to past years. Successful firms within DEIK Turkey-India Business Council members are making us proud. I am pretty sure that more success is on the way.’’

‘’We encourage Turkish people wanting to do business at India.’’

Donmez emphasized that Turkey mostly imports from India because of the raw material need. Donmez stated that the health, food and construction sectors’ potentials are great between Turkey and India trade. He said:

‘’ DEIK India-Turkey Business Council supports firms of aimed sectors wanting to enter Indian market, makes the cooperations possible, enlarges the bilateral trade volume in a sustainable way. We develop win-win strategies, agreements and studies that are beneficial for both Indian and Turkish. We presented the most troubler problems in the good-will agreement with NBD Emirates Bank.

DEIK Turkish- India Business Council is happy and proud to sign a good-will agreement with NBD Emirates Bank. NBD Emirates Bank has 15 domestic public and private banks, and has been operating commercial activities in Mumbai since 2017. The good-will agreement strengthened our relations with NBD Bank; it will ease many transactions for a lot of Turkish firms including participation banks. We negotiated with NBD Bank about guarantee letters with lower costs, fast money transactions, adding DEIK member services on distribution list via the good-will agreement.

It is important that our demands are clearly and correctly forwarded within the agreement. We know that NBD Bank can provide important benefits for our efforts of cooperation fortification and Turkish firms wanting to or doing business in India. We plan to empower and ease trade and investment relations with India via this bilateral agreement.’’

‘’We prevented the obstacles and problems with this agreement.’’

Donmez stated that DEIK Turkish- India Business Council signed Memorandum of Understanding Agreements (MoU) with Bank of Bahrain and Kuwait (BBK). He mentioned that the Business Council provided special and one-to-one working opportunities for DEIK members via cooperations with 5 bank branches in 4 states in India. Donmez said:

‘’The problems between Turkish and Indian banks have negative effects on trade relations. The basic problems between Indian and Turkish banks are that India does not use corresponding networks with Turkish banks and not directly operates with Turkey. Turkish companies wanting to do business with India were using a third bank from another country when they need a bank guarantee and this situation increased the costs; we prevented all the obstacles and problems with this agreement. I believe that agreements like this will profoundly contribute on bilateral trade volumes and encourage Turkish business people wanting to do business at India.’’

source: AA / translated by Bazaar Team

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button