Turkish Bank eyes business expansion in India

Last Updated: Tue, Jul 09, 2013 21:05 hrs

Turkish Islamic lender Bank of Asya on Tuesday said the bank is keen on expanding business with Indian counterparts in the coming years.

"The rapidly growing Indian economy presents huge potential for business and trade with Turkey. Currently, the Bank of Asya has recorded turnover of US$ 200 million per year and the Bank will further expand business with the Indian counterparts in the coming years", said Cenk Karacaoglu, Vice President, Bank of Asya, Turkey.

The statement was made during an interactive meeting organised by MVIRDC World Trade Centre Mumbai and All India Association of Industries.

The officials of the bank were in Mumbai to discuss the business ties between India and Turkey, which are rapidly increasing.

They said the proximity of financial institutes between the two economies shall benefit business and trade.

Elaborating on India-Turkey bilateral relations Karacaoglu noted that the current bilateral trade between the economies stands at US$ 5 billion. "We intend to achieve bilateral trade worth US$ 15 billion in the next five years," he said.

Karacaoglu affirmed the need for greater business and trade collaboration between the economies. Turkey has a strategic location giving access to the nearly 54 nations which are in close proximity in Europe and can be used as a hub for exports.

Vijay Kalantri, Vice Chairman, MVIRDC World Trade Centre Mumbai and President, All India Association of Industries said that fostering financial ties in the form of setting up of Turkish banks in India shall benefit the two economies.

"The Indian banks namely State Bank of India and Axis Bank have presence in Turkey. Indian banks must work towards active participation in Turkish economy, while the same holds true for Turkish banks in Indian economy," he noted.

Kalantri further said that the major items of India's exports to Turkey include cotton yarn, synthetic yarn, organic dyes, organic chemicals, denim, steel (bars and rods), granite, antibiotics, carpets, unwrought zinc, sesame seed, TV CRTs, mobile handsets, clothing and apparel while Turkey's exports to India includes poppy seed, auto components, marble, textile machinery, handlooms, denim, carpets, cumin seed, minerals (vermiculite, perlite and chlorites) and fittings and steel products.

Y. R Warerkar, Executive Director, MVIRDC World Trade Centre noted that World Trade Centre Mumbai and All India Association of Industries works towards increasing business and trade ties between economies through its activities such as organising trade promotion events, seminars, business networking, etc.

"Today's meet shall enhance Indian and Turkish economic relations," he added.

Rupa Naik, Executive Director, All India Association of Industries said that the World Trade Centre Mumbai and All India Association of Industries have sent two trade delegations to Turkey and there exists great potential for doing business between the two nations.

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