Indian Vice President wants closer ties with Turkey

The Vice President of India, Hamid Ansari has said that India and Turkey should look to make greater agreements as both economies are currently growing and expanding.

Speaking during a six day visit to Turkey, Ansari said: “Turkey’s economy is doing very well. Our economy is doing very well. The time is right to take our relationship to the next level. I do not see any real reason why we cannot move forward in our bilateral relations.”

Ansari went on: “Turkey has great expertise in the area of infrastructure, for example. Indian expertise in IT is well known. Is this being reflected in our bilateral relations? To some degree yes, but not to a large extent.” Ansari said that this is just one example where Turkey and India could improve their relations.

Turkey and India are two fast developing nations. Turkey recorded the fasted growing economy in the first quarter of 2011 with 11 percent and 8.8 percent in the second quarter. India recorded a growth of 7.7 percent in the months of April to June. Should Turkey and India both increase their business arrangements, both countries could flourish under the help of the other nation.

There is a lot of potential for business opportunities between Turkey and India. Experts have estimated that within the next 6 years, India will require at least 1 trillion USD worth of investments, especially in the transportation and infrastructure sectors. Turkey could be in a prime spot to take advantage, with Turkey expertise in the construction, especially in the property market and contracting industry, India could well look to Turkey to provide a lot of the infrastructure developments in India, leading to Turkey benefitting financially from contract deals.

Turkey and India are looking into making a free trade agreement to boost trade between the two nations. In 2009 the trade volume between the two countries was measured at 2.3 billion USD, in 2010 it was measured at 4 billion USD and so far in the first eight months of this year, the trade volume has been measured at 4.8 billion USD.

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