India urges Turkish biz to strengthen eco ties with India

India’s Vice President Hamid Ansari Friday urged business community in Turkey to increase economic engagement between two nations by harnessing huge potential ties that lie untapped. India is planning to spend USD 1 trillion on developing infrastructure during the next Five Year Plan from 2012, Ansari said. 'We need more investments in roads and highways, new electricity generation and distribution networks, expanded and modernised railways networks, new and upgraded airport and port facilities,' he added. 'I call upon you to harness the huge untapped potential to increase the volume and enhance the quality of our economic engagement,' Ansari said while addressing the Confederation of Businessmen and Industrialists of Turkey (TUSKON), pti reported. He assured the Turkish businessmen that India remains committed to continue the process of economic reforms and is also working on reforms in financial, legal, education and skills development areas. On bilateral trade, Ansari said that this year it is expected to register over 80 percent growth over last year and touch USD 6.5-7 billion -- surpassing the target of USD 5 billion that the two governments had set for 2012 during Prime Minister Recep Tayyip Erdogan’s visit to India in 2008. He said that the two countries can together explore ways of furthering mutual economic and commercial relations and take them into a higher orbit. Describing the trend in the flow of services and investments between the two countries as encouraging, he said that currently over 100 Indian companies have registered businesses, made investments and began operations in Turkey in IT sector, airport infrastructure, automobiles, steel, irrigation and personal care products. He also touched upon the expertise and experience of the Turkish companies in construction of infrastructure saying it has emerged as a leading sector for investments from Turkey into India'.  Ansari also said that the next step for TUSKON should be the opening of a representative office in India to help consolidate trade and investments.