Economic Relations and Investments
Indian companies have invested about US$ 126 million in Türkiye (as per Central Bank of Türkiye data) and Turkish investment in India is approximately US$ 210.47 million (as per Department for Promotion of Industry and Internal Trade, India).
Turkey occupies the 46th position in FDI equity inflows into India with a cumulative FDI amount of US$ 216.11 million from April 2000 – September 2022. Turkish investments in India come up to US$ 223 million as per a report by the Indian Embassy. Turkish companies operating in India include Koç Holding (consumer durables), Arcelik A.S (home appliances), Doğuş Holding Doğuş Construction (construction), Limak Holding (construction), Fernas (construction), Sarar (Turkish menswear), Soktas (fabric company now acquired by Grasim Industries Ltd), Çelebi Holding (aviation services), Orhan Holding (automotive supplier), Hidromas (hydraulic products – owned by Netherland-based HMS Global), etc. Many Turkish firms have structured their Indian business holdings as joint ventures with Indian firms. Turkish stakeholders are involved in engineering, procurement, and constructing (EPC) contracts as engineers, technical consultants, and constructors.
Based on a June 2022 press release by the Indian Ministry of External Affairs, Indian companies are present in Türkiye’s automobile, pharmaceutical, and IT sectors while Turkish businesses have a presence in India’s infrastructure and engineering sectors.
For Indian companies, Türkiye serves as a base to do business with markets in Europe, Central Asia, and the Black Sea Region, besides expanding access to the Middle East.On the other hand, Turkish firms can locate their Asia production base in India and tap into its manufacturing ambitions, besides participating in the country’s infrastructure and logistics projects. Key industries in India that are ripe for Turkish investments include construction, medical tourism, and auto components.
The Turkish Indian Chamber of Commerce & Industry (TICCI), an affiliate of the Turkish business confederation TUSKON, has offices in Bangalore, Chennai, New Delhi, Hyderabad, Kolkata, and Mumbai. TICCI has been tasked with facilitating contacts for exports, joint ventures, and alliances.TICCI has also signed an MoU with ASSOCHAM (Associated Chambers of Commerce and Industry of India).