Economic & Commercial Relations

India-Turkiye economic and commercial cooperation constitutes an important dimension of the bilateral relationship.

  • The Bilateral Trade Agreement between India and Turkey was signed in 1973. Institutional arrangements in terms of Joint Committee for Economic and Technical Cooperation (JCETC) signed in 1983
  • The Joint Business Council (JBC) between Federation of Indian Chambers of Commerce and Industry (FICCI)
  • The Foreign Economic Relations Board of Turkey (DEIK) was set up in
  • On the 6 April 2015, Confederation of Indian Industry (CII) signed an MoU with the Union of Chambers and Commodity Exchanges of Turkey (TOBB) to promote bilateral trade and economic cooperation.
  • CII also signed a MOU with DEIK in March
  • A cooperating agreement between FICCI and TOBB was also signed for establishing India-Turkey Working Committee and Investment
  • On 6 August 2015, State Bank of India and Turkey’s AK bank entered into a cooperation agreement to support bilateral trade and investments.
  • An India Business Forum (IBF) was launched in Istanbul by the Ambassador in December 2018 which holds quarterly
  • The major Indian exports to Turkey include: petroleum products, auto components/parts, man-made yarn, fabrics, made ups, aircraft & spacecraft parts, plastic raw materials, organic chemicals, dyes, industrial machinery, etc. Imports from Turkey include: industrial machinery, broken/unbroken poppy seeds; machinery and mechanical appliances, iron and steel articles thereof, inorganic chemicals, pearls and precious/semi-precious stones and metals (including imitation jewellery), granite and marble, etc.
  • Several Indian companies are registered in Indian companies such as TAFE, Mahindra, Sonalika, Tata, Jindal, Indo-Rama, Birla Cellulose, Polyplex Merrill Lynch, Punj Lloyd, Thermax, Wipro, Jain Irrigation, etc. have invested in Turkey to the tune of USD 125 million while Turkish investments in India stands at USD 223 million.
  • Turkish companies Koc Holding, Arcelik S, Dogus Holding Dogus Construction, Celebi Holding, Orhan Holding, etc. operate in India.
  • An ‘Invest in India’ Seminar was held in the Embassy on 10 May 2019 where a presentation on investment opportunities in India was made to major Turkish
  • India participated as Focus Country for the second time with 80 companies in the 88th Izmir International Fair 2019 held at Izmir from 6-11 September
  • India’s economic engagement with Turkey saw new momentum in recent years. Bilateral India-Turkey trade increased significantly in the preceding decade and a half to reach 84 billion in 2018-19 and USD 7.086 billion in 2019-20.
  • The trade between the two countries was USD 5.42 billion in 2020-21 despite the pandemic
  • India has awarded a consortium of Turkey’s top five leading shipyards, TAIS, the contract of naval shipbuilding  worth $2.3 billion. A Turkish company, Savronik, has also completed a defence ministry-related project to build a tunnel in India’s Leh-Manali highway