Indian Companies Eyeing Turkish Public Sector Units

New Delhi, Sept 18: | Updated: Sep 19 2003, 05:30am hrs
With disinvestment sentiment in the country at a low, Indian companies considering investments in Turkey have options to pick up public sector units being privatised there. Turkish banks have also agreed to improve their correspondent bank system to make financial transactions speedier and smoother.

Speaking to FE from Istanbul, Confederation of Indian Industry (CII) deputy director general N Srinivasan said that the business delegation visiting Turkey currently met members of Tusiad, one of the premier industry and business association of that country. Indian companies expressed a lot of interest in investing in Turkey and in particular the public sector companies in that country which are up for privatisation, he said.

At that interaction there were representatives from various sectors including pharma, automobiles, tractors and banking. Talks focussed on various ways of cooperating together for business, he added.

We brought up the issue of correspondent banks in Turkey which are not only few in number, but the procedures are not smooth and take a lot of time. This was also brought up at a meeting with the Turkish Banks Association later in the day. The Turkish side has promised to address this issue at the earliest, said Mr Srinivasan.

We also suggested a delegation of Turkish banks visit India. CII and Tusiad have also agreed in principle to set up a India-Turkey CEOs Forum along the lines we set up with Pakistan recently to serve as a platform for promoting cooperation between the two sides. Meetings would be held twice a year by rotation in India and Turkey, he added.

We also paid a visit to Kosgeb, the small industries development corporation of Turkey. We saw an interesting system where 3,500 units were together in one estate. It had its own training centre, school, cultural club and football club all managed by one body. We have invited a delegation of small Turkish industries to India, and would be studying possibilities of replicating such models in India, said Mr Srinivasan.