Friday, February 4, 2011
ISTANBUL - Hürriyet Daily News
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 Nano model vehicle frame hangs on the assembly line at Tata Motors' manufacturing plant in Sanand Taluka, India, in this file photo. Tata ponders producing Nano models in Turkey, according to officials. Bloomberg photo |
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.
“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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