India is a “very important” country for Turkey that can serve as a gateway for India to enter the European Union market, Turkey’s Minister of Development Lutfi Elvan said today.
“India is a very important country in Asia for Turkey. Indian economy is growing at 7 per cent plus. In India, the number of people living below poverty line has declined by 10 per cent in the last 10 years,” Elvan said at an event here.
“Turkey can be a place for India to enter into the European Union market. If you will make investment in Turkey, it will be same as making investment in the European Union.”
The minister hoped that both economies will improve provided businessmen from Turkey and India come together.
“Legal regulations of Turkey are almost same as the European Union,” Elvan said.
The Turkish minister pointed to the complaints often voiced by businessmen from both sides related to bureaucracy, emphasising that there is need to find a solution.
“If there is a problem in Turkey, then we will solve it. If there is bureaucratic problem in India, then India should solve it,” he suggested.
India’s export to Turkey stood at $5 billion last year.
The minister is optimistic that Turkey, the 17th largest economy, will be 10th largest by 2023.
Making the point that Turkey has been a high performer and its national income has tripled in the past 14 years, Elvan said, “Turkey is likely to grow at 3.2 per cent this year and Turkey’s per capita income is converging to OECD average and that of the European Union.