Step up trade, boost ties to new levels: Vajpayee tells Turkey

Friday, 19 September 2003, 19:30 IST
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ISTANBUL: Prime Miniser Atal Bihari Vajpayee Friday wrapped up a historic visit to Turkey saying bilateral ties should be raised to "a qualitatively new level" and two-day trade should touch one billion dollars by 2005. "The long history of friendly contact between India and Turkey should be translated into a vibrant, revitalised economic partnership, based on our respective strengths," Vajpayee told an India-Turkey business meeting before taking off for New York. Vajpayee said his four-day trip to Turkey -- the first by an Indian prime minister in 15 years - had been "deeply satisfying" and that he had had "cordial and fruitful meetings" with Turkish leaders. But the prime minister emphasised that the only way to cement and deepen bilateral ties would be by exploiting the economic potential that remained between the two countries. "In my discussions with Prime Minister (Recep Tayyip) Erdogan, we agreed that despite the rapid expansion of trade turnover to about 850 million dollars last year, the full potential is yet to be realised. "The first target we have set is a turnover of one billion dollars by 2005. Even this is well below the possibilities." He said India and Turkey had agreed to set up a special bilateral Working Group, drawn from economic ministries, to further this agenda. To speed up realisation of the objective, the group had been told to submit its recommendations in just six months. But Vajpayee admitted that several roadblocks would have to be overcome. The prime minister said while a direct air link between Istanbul - the commercial powerhouse of Turkey - and New Delhi had begun Thursday, direct shipping links and easy banking channels were priority requirements. Vajpayee underlined that there was a lack of awareness in both business communities about the opportunities available between India and Turkey to increase their economic cooperation. He said since launching its economic reforms in 1991, India's average annual growth rate was over six percent. "It is now the world's fourth largest economy on purchasing power parity," he said. "Our investment in education and human resource development has equipped us with the second largest scientific and technological manpower in the world. "Our advances in science and technology have today put us in the forefront of the knowledge revolution and accelerated our economic development process. "We have a rapidly growing middle class - today estimated at about 300 million - which provides scientific, technological and managerial skills as well as a huge and growing market. "There is insufficient awareness around the world - including in Turkey - of these compelling facts. Only this can explain the large imbalance in our trade. With Turkey's strengths and competitive advantage in infrastructure industries, Turkish project exports to India in these areas should normally have surged." At the same time, said Vajpayee, the Indian business community was not aware of Turkey's impressive economic record and its financial vibrancy. He pointed out that while India exported nearly 10 billion dollars of an entire range of IT products, mainly to Western Europe and the U.S., Turkey's share in the total was almost negligible. And only after coming to Turkey had the Indian business delegation discovered the scope for cooperation in textiles, chemicals, two-wheeler vehicles and pharmaceuticals. "Simple commercial logic suggests that our entrepreneurs should join forces in sectors of competitive advantage in these areas," he added. "Turkey can be a launching pad for Indian business into an expanding European market. "India is itself an expanding market of a billion consumers, and also provides access to vast regions in South and South-East Asia." Vajpayee said it was time "to raise our friendship to a qualitatively new level. For this, we need a long-term vision of a future India-Turkey partnership based on our respective strengths and comparative advantages. "On this visit, I have been convinced that there is willingness on both sides to develop such a vision." But the prime minister said the governments could only kick-start business cooperation. "After that, it is for business to pick up the gauntlet. I hope you will devote some thought to this during your deliberations here."
Source: IANS
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