CII president Anand Mahindra told FE from Turkey that while his company M&M has received leads in response to its efforts to introduce tractors in the Turkish market, other auto makers like Tata Motors, TVS and Bajaj as well as IT and construction companies have also generated a lot of interest on the first day of the show being organised by CII. CII has taken a business delegation to Turkey coinciding with the Prime Ministers visit to the country that began on Tuesday.
Even as he was speaking, Mr Mahindra said he could see a Tata 207 pick-up at a construction site. The Tata 207 on display at the show has been generating a lot of interest. Someone at the show made an interesting comment asking if India still made the old Fiats. There is a lot of surprise in Turkey at seeing the products offerings made from India.
The Turkish leisure industry too is booming with hotels, marinas and amusement parks coming up. Turkish companies are seeking financial partners from India. So opportunity exists not only in trade, but in finance too. Construction, infrastructure and IT are other areas where tie-ups are being explored by both sides, he added.
CII deputy director general N Srinivasan also spoke to this paper from Istanbul. At the inauguration of the show, MoS for commerce SB Mukherjee said, post-Cancun, the developing countries like India and Turkey should talk to each other even more to develop economic ties, he said.
Indian companies can expect to gain from technology transfers and JVs in auto components, pharma and IT sectors with Turkish firms. While in auto components and construction sector, both countries are competitors in the global markets, there still exist complementary strengths where they can work together and profit from it, added Mr Srinivasan.
Turkeys importance to Indian business is being seen for its proximity to both Asia and Europe. We see Turkey as a gateway to the EU markets, said Mr Mahindra. While the issue of Turkey joining the EU is yet to be finalised, the vast EU market can freely be open to companies operating in Turkey once it joins the EU.