Indian Prime Minister Narendra Modi on Monday called for deepening economic relations between New Delhi and Ankara, and also invited Turkish businesses to invest in this country
"India and Turkey are among the top 20 largest economies in the world. Both economies have shown remarkable stability even in volatile global situations," Modi told an India-Turkey business summit in Delhi
"We are optimistic about our economic prospects. There is immense goodwill for each other between the people of the two countries. Time has come to deepen economic relations.
He added: "There is huge potential to enhance bilateral engagement. This is possible through trade and FDI (foreign direct investment) inflows, technology tie-ups and cooperation on various projects. We have seen some increase in participation of Turkish companies in some areas.
Claiming that his government was in the process of building a new India, the Indian prime minister said: "Our focus is on making it easier to work and to do business. This includes reforming policies, processes and procedures. We have achieved lots of success and recognition on this front. Our global ranking has gone up on many parameters.
On the tourism sector, he said: "We are putting up new ports and modernizing old ones ... Similar focus is on upgrading existing airports. Turkish tourism sector is globally renowned. The number of tourists going to Turkey has gone up in the last few years. It's also popular for shooting Indian films and television industry. We must explore wider opportunities in this area.
Turkish President Recep Tayyip Erdogan is on a two-day tour of India.
Czech automobile firm Skoda is eyeing 25 per cent sales growth in India this year on the back of enhanced customer service, two new upcoming models and upgrades of existing offerings.
The company’s arm Skoda Auto India had reported sales of 13,370 units last year against 15,457 units in 2015, down 13.5 per cent. “We have been on a drive to improve our sales and after-sales service for the past few years.
Last year’s sales was as per expectations but this year we are looking at 25 per cent growth,” said Skoda Auto India Chairman and Managing Director Sudhir Rao.
Prime Minister Narendra Modi addressed the India-Turkey Business Forum, in the presence of business leaders as well as Turkish President Recep Tayyip Erdogan. Mr Erdogan is on his first state visit to India since 2008. He was earlier accorded a ceremonial welcome at the Rashtrapati Bhavan. This is also Mr Erdogan's first foreign visit after winning a controversial referendum in his country, which further consolidates his executive powers
President Erdogan and PM Modi are expected to discuss economic ties, trade as well as the ongoing developments in Syria. Mr Modi will seek Turkey's support for India's membership in the Nuclear Suppliers Group (NSG). Turkey had earlier supported India's membership in the Missile Technology Control Regime (MTCR). However, ahead of talks with Prime Minister Narendra Modi today, the Turkish President controversially suggested a "multi-lateral dialogue" to resolve the Kashmir issue to ensure peace in the region.
Here are the live updates of PM Narendra Modi's Speec
Bilateral trade between India and Turkey has gone up tremendously.
India and Turkey are among the 20 largest economies in the world. Both economies have shown remarkable stability
There is immense goodwill for each other between the people of both countries
The time has come to take our bilateral relations to the next level.
We are seeing an increase in presence of Turkish companies in India
The Indian political system is known for its vibrant democracy. We are also a law-abiding nation.
We have launched several programs in India. The governments focus is to remove inefficiencies in our system and make it a great investment destination.
Our global rankings have become much better in the last few years. I am certain that it will get even better in the time to come
Our aim is to create an efficient business environment in India
India is seeing a major push for better infrastructure and Turkish companies can be a part of this massive exercise.
We are building more than 30 million homes, developing new airports and sea ports, modernising our railways, building highways across the country at a rapid pace. Turkey can be a part of this
India and Turkey are both energy deficient, but our energy needs are ever-increasing.
Thus, this becomes an very important part of our bilateral relations. We can work together in mining and other sectors to cater to our energy needs
Turkey can also be a part of India’s textile sector.
A prominent Indian businessman's food processing plant in Britain has won the prestigious Queen's Enterprise Award 2017 for its exceptional contribution to the UK's trade, industry and economy.
Yusaffali MA, 61, said the recognition for his Birmingham-based Y International (UK) Ltd will spur his Abu Dhabi-headquartered Lulu Group International to further expand business interests in the UK.
"I am extremely honoured and proud to hear the news about Y International UK Ltd being selected for the prestigious Queen's Award this year. This great recognition will surely help us further strengthen our plans to expand business interests in UK and continue with our innovations and contributions to the dynamic economy of UK," the Kerala-born, UAE-based entrepreneur said in a statement.
Y International UK Ltd's food processing plant, which employs 300 local staff, was established in Birmingham in 2013 to source and process food products from UK to support the demand for high-quality British products for sale in Lulu Group's hypermarkets across the Middle East, India and Far East
"We are in the process of setting up another world-class food processing plant in the 12.5 acres of land allotted by Birmingham City Council, to further boost our exports and cover bigger variety of products. The planned investment would be to the tune of 36 million pounds (Rs 300 crores)," Yusuffali said.
The Queen's Award for Enterprise is conferred annually by Queen Elizabeth II on her birthday, April 21, upon businesses that display great enterprise across the fields of innovation, international trade, promoting opportunity through social mobility and sustainable development.
The awards are open to nominations and selected based on the recommendation of Downing Street and published in the official London Gazette.
All entries are subject to auditing and scrutiny by over 30 UK government agencies before being included in the roll of honour.
Y International (UK) Limited, Birmingham, listed in the Gazette as an international distributor of grocery products, perishables products and non-foods products, was chosen in the international trade category.
The recipients of the 2017 awards will be invited to a special reception at Buckingham Palace later this year.
The $6.9-billion Lulu Group, ranked as a top retailer in the MENA region and listed among the top 50 fastest growing retailers in the world by Deloitte, has made UK headlines in recent years for acquiring the iconic Scotland Yard building in London and for its investment in luxury retail brand East India Company.