ISTANBUL - "India will be one of the three biggest economies of the world by 2050. Thus, Turkey attaches importance to boost economic and commercial relations with that country," Rifat Hisarciklioglu, Chairman of the Union of Chambers & Commodity Exchanges (TOBB), said during the inauguration of Turkish-Indian Business Council meeting in Istanbul on Friday.
Hisarciklioglu noted that India's average annual growth rate was 8 percent in the last three consecutive years. "If this trend is maintained, India will be one of the three biggest economies of the world by 2050," he added.
Hisarciklioglu said that the trade volume between the two countries was over 1.5 billion USD in 2005, stressing that 85 percent of this volume is Turkey's imports. "We try to address this unbalanced commerce structure through mutual fairs and meetings," he added.
"We can cooperate especially in construction area with India. India's construction sector has 47 billion USD of annual business volume and furthermore it grows 7 percent annually. 31 million people are working in this business," Hisarciklioglu noted.