Scindia opens India Show in Turkey, calls for strategic partnership between two count

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  1. ejazr

    ejazr Stars and Ambassadors Stars and Ambassadors

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    http://netindian.in/news/2011/02/04...y-calls-strategic-partnership-between-two-cou

    Minister of State for Commerce and Industry Jyotiraditya Scindia inaugurated the "India Show" in Istanbul yesterday and said Turkey presented the most compelling imperative for India to develop a strategic partnership in diverse fields.

    He said such a partnership could cover areas such as energy security, infrastructure development, automotives and engineering industry.

    More than 160 engineering companies are participating in the four-day show being held at the Tuyap Fair, Convention and Congress Centre in Istanbul.

    Prominent participants in the event include Tata Motors, Bajaj Precision, HMT International, Ramakrishna Forgings, Noida SEZ and Mahindra World City.

    The Department of Science & Technology, Ministry of Tourism, Coffee Board and Tea Board as well as the State Governments of Andhra Pradesh, Gujarat and Madhya Pradesh are also represented at the show.

    The exhibition has been organised jointly by the Ministry of Commerce and Industry and Engineering Export Promotion Council (EEPC).

    Mr Scindia said the partnership between the two countries had to be viewed from an overarching perspective that draws on strategic, political and economic consideration.

    He said India was making concerted efforts to extend co-operation in the Middle East, Central Asia and the Caspian region. He said India and the European Union had established an institutionalized EU-India Strategic Partnership.

    Further, India and Turkey have themselves set up a Joint Study Group to look at the feasibility of a Free Trade Agreement between the two countries, he pointed out.

    Mr Scindia said Indo-Turkey co-operation had many nodal points. "There are immense possibilities for economic collaboration, joint projects and joint investments in our regions which are of common interest to both countries," he said.

    At a bilateral meeting with his Turkish counterpart Nehat Ergun, the two sides pledged to take bilateral trade and economic cooperation beyond the set target of $ 5 billion by 2012.

    The bilateral trade between Turkey and India, growing at a Compound Annual Growth Rate (CAGR) of around 27%, reached $ 3.14 billion in 2009-10 from $ 1.2 billion in 2005-06. The bilateral trade target is $ 5 billion by 2012 and $ 10 billion in the next 10 years.

    Mr Scindia also inaugurated an India Evening in Istanbul today, which was attended by captais of Turkish industry.
     
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  3. ejazr

    ejazr Stars and Ambassadors Stars and Ambassadors

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    India-Turkey trade to cross $5 billion

    India and Turkey have agreed to take their bilateral trade beyond the $5 billion target by 2012, buoyed by a strong growth in the business activity.

    Minister of State for Commerce and Industry Jyotiraditya Scindia met his Turkish counterpart Nehat Ergun and discussed to take bilateral trade and economic cooperation beyond the target of $5 billion by 2012 and $10 billion in the next 10 years, said an official statement.

    The bilateral trade between the two countries is growing at a Compound Annual Growth Rate of about 27 per cent and reached $3.14 billion in 2009-10, it added.

    "There are immense possibilities for economic collaboration, joint projects and investments in our regions which are of common interest to both the countries," said Scindia.

    Turkey presents the compelling imperative for India to develop a strategic partnership in fields of energy security, infrastructure development, automotives and engineering industry, he added.

    Scindia also inaugurated the "India Show" in Istanbul.

    Over 160 Indian engineering companies, including Tata Motors , Bajaj Precision, HMT International and Mahindra World City, participated in the exhibition, showcasing engineering transformation in India, the statement said.

    India and Turkey have set up a Joint Study Group to look at the feasibility of a Free Trade Agreement between the two countries.
     
  4. ejazr

    ejazr Stars and Ambassadors Stars and Ambassadors

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    IOC may build $5 bln refinery in Turkey

    ISTANBUL: Indian Oil Corp (IOC) is interested in building a $5 billion refinery in Turkey and is currently carrying out feasibility work on the project, junior trade minister, Jyotiraditya Scindia , said on Friday.

    IOC and Oil and Natural Gas Corp (ONGC) are interested in exploring for oil and natural gas in Turkey, Scindia also told reporters.

    IOC "is looking at setting up a 15 million tonne refinery company in Turkey," Scindia said, referring to the volume of crude oil a facility could process in a year. "They are evaluating the feasibility of this."

    The Delhi-based company had previously planned to build a refinery with Turkey's Calik Holding at the Mediterranean port of Ceyhan, where pipelines carrying Iraqi and Azeri crude terminate.

    Plans for that plant were put on hold during the global financial crisis in 2008, and Scindia did not say whether IOC would partner again with Calik.

    India imports about 70 percent of its oil and gas and is interested in exploring for new sources, Scindia said.

    Turkey has tiny amounts of gas and oil reserves, requiring it to import about 95 percent of the fuels.

    But the government has agreed in recent years with U.S.-based Chevron and Brazilian state oil company Petrobras to look for gas off its Black Sea coast.
     
  5. ejazr

    ejazr Stars and Ambassadors Stars and Ambassadors

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    India’s Investment Drive Expects Turkey’s Contribution

    India’s massive five-year investment plan is expecting contributions from Turkish companies, according to the nation’s minister of commerce and industry, who was visiting Istanbul on Friday. Speaking to journalists, Jyotiraditya M. Scindia suggested that Turkish constructors and Indian engineers, both renowned worldwide, could find ways to cooperate. Indian energy companies may also invest in Turkey, officials say

    A top Indian government official has called on Turkish companies to invest in his country, noting New Delhi’s drive to close the nation’s infrastructure gap with developed economies. Jyotiraditya M. Scindia, India’s minister of commerce and industry, spoke at a meeting with a small group of journalists in Istanbul.

    “A total of $1 trillion worth of investments is on the table,” said Scindia. India and Turkey can be “strategic partners” as they cooperate in contracting, consultancy, tourism, energy, transportation, infrastructure, science and technology, according to the minister.

    India aims to double its investments in infrastructure to $1 trillion during the 11th Five Year Plan, which begins 2012. The government hopes half of this amount will come from the private sector. To cover the amount, it has stepped up calls worldwide for investors, hoping to increase the amount of foreign direct investment, which totaled $34.6 billion in 2009.

    “Turkey could get a better portion in our infrastructure projects,” Scindia told the Daily News. “Our countries have so much in common. I wish to see more Turkish firms investing in India, which is full of great opportunities.”

    The minister suggested that the two countries find ways to increase cooperation between Turkish constructors and Indian engineers. Noting that Turkey and India ranked among the best performing economies during the global crisis, Scindia said global economic power and trade ties are shifting, creating more opportunities for both nations.

    “The Indian Oil Corporation Ltd., or IOCL, has been thinking about an investment in Turkey,” Scindia said. The investment, which could be in the southern district of Ceyhan, could total $5 billion, according to Cefi J. Kamhi, chairman of the Turkish-Indian Business Council at the Foreign Economic Relations Board of Turkey, or DEİK.

    Ceyhan, a Mediterranean port, is the last point of a 1,768-kilometer crude oil pipeline that starts at the Azeri oil fields in the Caspian Sea.

    IOCL had, in 2006, thought of partnering with Turkey’s Çalık Energy for the investment, according to Kamhi. Speaking to the Daily News on condition of anonymity, an Indian official said the plans have changed and the Indian energy giant is now considering investing alone.

    Free trade possibilities

    Minister Scindia said a group led by India’s Oil and Natural Gas Corp., or ONGC, is considering investing in oil exploration in Turkey. He also said a possible free trade agreement, or FTA, is on the agenda. “After the visit of Turkish Prime Minister Recep Tayyip Erdoğan to India in 2008, studies on a FTA have accelerated.”

    Scindia noted Turkey’s effort to waive visa requirements with many countries, adding that India is working on a plan to enable Turkish visitors to obtain visas on their arrival at Indian airports.

    Meanwhile, Sandeep K. Bhadauria, an executive responsible for Turkey and Syria at Tata Motors, told the Daily News on Thursday that Tata is planning to invest in Turkey. The firm, which has been selling its models in Turkey since 1997, is considering launching production in the southern province of Adana, Bhadauria said. The plant may serve to export the ultra-cheap Nano model to Europe and the Middle East.

    Tarhan Telli, Turkey’s first licensed custom chopper manufacturer, told the Daily News that his company TT Custom Choppers may invest in motorcycle manufacturing in India. “The initial investment could reach $5-$6 million,” Telli said
     

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