Jyotiraditya Scindia, Union Minister of State for Commerce & Industry, inaugurated the “India Show” in Istanbul, Turkey last evening at the Tuyap Fair Convention and Congress Centre. Addressing on the occasion “India and Turkey– Prospects and Challenges”, Shri Scindia said: “India-Turkey Strategic Partnership has to be viewed from an overarching perspective that draws on strategic, political and economic consideration”. Shri Scindia further observed that, “India is making concerted efforts to extend co-operation in the Middle East, Central Asia and the Caspian Region. India and the European Union have established an institutionalized EU-India Strategic Partnership. Further, India and Turkey have themselves set up a Joint Study Group to look at the feasibility of a Free Trade Agreement between the two countries.” Shri Scindia noted that, Indo-Turkey co-operation has many nodal points. He mentioned that, “there are immense possibilities for economic collaboration, joint projects and joint investments in our regions which are of common interest to both countries. Turkey, for instance, presents the most compelling imperative for India to develop a strategic partnership in energy security, infrastructure development, automotives, and engineering industry fields”.
More than 160 engineering companies have participated in this show notable among them being Tata Motors, Bajaj Precision, HMT International, Ramakrishna Forgings, Noida SEZ, Mahindra World City, etc. Other notable participants includes: Department of Science & Technology, Ministry of Tourism, Coffee Board and Tea Board. The State Governments of Andhra Pradesh, Gujarat and Madhya Pradesh were among those who represented the different States of India. The show has exhibits from various sectors of Indian engineering showcasing the engineering transformation that is currently in process in India. The “India Show” from 3-6 February, 2011 is being organized jointly by the Ministry of Commerce and Industry and Engineering Export Promotion Council (EEPC) India. The show has exhibits from various sectors of Indian engineering showcasing the engineering transformation that is currently in process in India.
In a bilateral meeting with his Turkic counterpart Mr Nehat Ergun, the Turkish State Minister of Commerce and Industry, both Ministers pledged to take bilateral trade and economic cooperation beyond the set target of US$ 5 billion by 2012. The bilateral trade between Turkey and India growing at a Compound Annual Growth Rate (CAGR) of around 27% reached US $ 3.14 billion in 2009-10 from US $ 1.2 billion in 2005-06. The bilateral trade target between India and Turkey is US$ 5 billion by 2012 and USD 10 billion in the next 10 years. Shri Jyotiraditya Scindia, Union Minister of State for Commerce & Industry, inaugurated the ‘India Evening’ today in Istanbul which was attended by captains of Turkish industry.