There are deep historical connections between India and Turkey. The first exchange of diplomatic missions between the Ottoman Sultans and the Muslim rulers of the subcontinent dates back to the years 1481-82. India and Turkey also have a cultural overlap. The Sufi philosophy of Mevlana Jelaluddin Rumi found natural resonance in the Indian sub-continent with its own traditions of Sufism and the Bhakti movement.
India-Turkey economic and commercial cooperation has deepened over the years and constitutes an important dimension of the bilateral relationship. Several bilateral agreements and institutional mechanisms, at the governmental level as well as B2B, provide the framework for strengthening economic and commercial ties.
More than 150 companies with Indian capital have registered businesses in Turkey in the form of joint ventures, trade and representative offices. These include M/s Polyplex, GMR Infrastructure, TATA Motors, Mahindra & Mahindra , Reliance, Ispat, Aditya Birla Group, Tractors and Farm Equipment Ltd., Jain Irrigation, Wipro and Dabur. Dabur India Ltd has acquired 100% stake in HobiKozmetic Group, a Turkish personal care products company for Rs.323.78 crores (US$ 69 million approx.). Indian PSU BHEL has bagged a Euro 16.96 million contract for a thermal power project in Turkey for rehabilitation of 3 units of Electrostatic Precipitators for the 430 MW Tuncbilek Thermal Power Project in Turkey on EPC (Engineering, Procurement and Construction) basis. Turkish company Seul Holding has decided to build a 20 MW solar plant in India.
Bilateral trade figures (In USD Million) are given below:
According to Turkish Statistical Agency (Turkstat), in 2014, India’s exports to Turkey stood at US $ 6898 million and India’s imports from Turkey were US $ 586.5 million. India is ranked 9th in Turkey’s imports.