World Trade Center Mumbai organised an interactive meeting with a high-level Türkiye business delegation led by DEIK-Türkiye-India Business Council to discuss roadmap to foster deeper trade and investment relations between the two countries on February 26, 2025 at WTC Mumbai. A key highlight of the event was signing of a Memorandum of Understanding (MoU) between WTC Mumbai and DEIK-Türkiye-India Business Council.

Speaking on this occasion, Mr. Mustafa Kemalettin Eruygur, Consul General, Consulate General of the Republic of Türkiye mentioned, “Türkiye and India are both strong economies with significant potential for enhanced bilateral cooperation. There are ample opportunities for both nations to further strengthen trade relations.”

Highlighting Türkiye’s potential as an investment destination, Mr. Eruygur stated, “Türkiye 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% 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 USD 27 trillion.”

Dr. Vijay Kalantri, Chairman of MVIRDC WTC Mumbai and President of the All India Association of Industries highlighted the immense untapped trade and investment potential between India and Türkiye. He stated, “India and Türkiye 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. Currently, Türkiye is India’s 28th largest trading partner, while India ranks 18th for Türkiye. Both nations should strive to become one of the top ten trading partners. In FY 2024, total trade between the two countries stood at USD 10.4 billion, but there is potential to double this figure to USD 20 billion within the next five years. Achieving this goal requires a focused approach, prioritizing key sectors such as textiles, pharmaceuticals, automobiles, agriculture & food processing, and metals—each offering immense potential. Both nations should also strongly consider a Free Trade Agreement, as it would provide a significant boost to trade and business. Trade support organizations like ours are ready to extend all necessary assistance in this regard.”

Speaking on the occasion, Ms. Hülya Gedik, Chairperson of DEIK-Türkiye-India Business Council described India as a rising global superpower with immense economic potential. She remarked, “India has been one of the fastest growing major developing economies over the past decade, offering unique opportunities and challenges for countries worldwide. For Türkiye, India is a crucial partner in terms of trade, business, and investment. We are here with a large trade delegation representing diverse industries, including manufacturing, recycling, healthcare, and wellness.”

Mr. Hidayet Onur Ozden, Vice Chairman of DEIK-Türkiye-India Business Council and Chairman of GCC Recycling and Refining stressed the need to strengthen people-to-people connections to enhance bilateral cooperation. He stated, “India and Türkiye are two great nations with a shared history, rich cultural ties, and emerging economic power. However, in my experience, there are many misunderstandings between the two countries that must be addressed as a priority. It is crucial for both nations to improve communication at all levels—from government and business to interpersonal interactions. The focus should be on understanding differences before identifying similarities.”

Ms. Aakruti Bagwe, Director-Operations, MVIRDC WTC Mumbai proposed the vote of thanks for the event.

The meeting was attended by distinguished business and industry leaders along with the WTC Mumbai Council of Management.

Caption: Dr. Vijay Kalantri, Chairman, WTC Mumbai and President All India Association of Industries (3^rd from left) exchanging MoU with Ms. Hülya Gedik, Chairperson, DEIK- Türkiye-India Business Council (4^th from left) at the event. Also seen in the picture (from left to right): Mr. Mustafa Furkan Albayrak, Commercial Attaché, Turkish Consulate General in Mumbai, Ms. Aakruti Bagwe, Director-Operations, WTC Mumbai, Mr. Mustafa Kemalettin Eruygur, Consul General, Consulate General of the Republic of Turkey and Mr. Hidayet Onur Ozden, Vice Chairman, DEIK- Türkiye-India Business Council and Chairman, GCC Recycling and Refining