Modi calls for enhanced Indo-Turkish trade ties

Prime Minister Narendra Modi on Monday invited Turkish companies to invest in India’s vast and promising infrastructure sector. He urged for mutual cooperation between the two countries in hydro carbon, wind and solar energy sectors for enhanced bilateral commerce.

Addressing India-Turkey Business Forum here, the prime minister said that time has come to make more aggressive efforts to deepen economic ties between the two countries. He said trade between the two countries has grown from $2.8 billion in 2008 to $6.4 billion in 2016 but the level of the present commercial engagement was not enough.

“Our infrastructure requirements are enormous and we are keen to build it at a faster pace. Turkish companies can participate in that. India also plans



to build 50 million houses by 2022. For this we have re-defined our FDI policy in the construction sector,” the prime minister said. He said India is planning metro rail projects in 50 cities and high speed trains in various national corridors.

Modi said India is putting up new ports, modernizing old ones and through an ambitious plan called ‘sagarmala’. “We are removing inefficiency in the system and reforming policies and procedures. Our enhanced FDI flows, trade and cooperation can help deepen ties,” Modi said as he urged the Chambers of Commerce of both the countries to work together for better business ties. Turkish President Recep Tayyip Erdogen demanded rebalancing of trade ties which he said was heavily tilted in India’s favour.