India can consider Turkiye as gateway to $27 trillion market: Envoy

Mumbai: India can consider Turkiye as a gateway to the $27 trillion market, Mustafa Kemalettin Eruygur, Consul General, Consulate General of the Republic of Turkiye said.

“Currently, trade between the two countries stands at approximately $8.5 billion, with India’s exports to Turkiye accounting for around $7 billion and Turkiye’s exports to India at $1.5 billion. Given that Turkiye's total trade volume is around $600 billion and India’s is approximately $800 billion, there is substantial untapped potential to expand bilateral trade,” he said.

“Turkiye’s imports from India primarily consist of raw and intermediate materials for industrial production, including petroleum-based oils, automotive spare parts, and processed aluminum. Meanwhile, Türkiye’s exports to India mainly comprise raw materials and semi-finished products such as marble, minerals, fruits, and dry fruits,” he said.

Highlighting Turkiye’s potential as an investment destination, Eruygur stated, “Turkiye ranks as the 11th largest economy globally in terms of GDP based on purchasing power parity (PPP) and is projected to grow by 3.2 per cent according to OECD estimates, which is double the OECD average. Its strategic geographical location offers a unique advantage, providing access to 56 countries within a radius of four-hour flight travel from Istanbul, representing a combined GDP of $27 trillion.”

Eruygur was speaking at an interactive meeting with a high-level Türkiye business delegation. The event was organized by All India Association of Industries (AIAI) and World Trade Centre in Mumbai.

Dr. Vijay Kalantri, President, All India Association of Industries and Chairman, MVIRDC WTC Mumbai highlighted the immense untapped trade and investment potential between India and Turkiye.

“India and Turkiye are among the world’s most ancient civilizations, sharing deep cultural and socio-economic ties. Both nations have many complementarities, and deeper cooperation can lead to mutually beneficial outcomes. While both countries have signed several agreements in the past, including trade agreements, avoidance of double taxation, and investment promotion and protection agreements, there is still no comprehensive agreement fostering deeper business ties,” he said.

“Currently, Turkiye is India’s 28th largest trading partner, while India ranks 18th for Turkiye. Both nations should strive to become one of the top ten trading partners. In FY 2024, total trade between the two countries stood at $10.4 billion, but there is potential to double this figure to $20 billion within the next five years,” said Dr Kalantri.