Turkish Minister for Foreign Trade Kursad Tuzmen said that Turkey has offered to consider a Free Trade Agreement with India as it plans to increase the bilateral trade to USD 10 billion annually by 2012. The trade of Turkey with India is currently around USD 2.7 billion annually and the country wants to raise it to USD 10 billion by 2012.

Tuzmen also wanted more flights between India and Turkey in the face of growing bilateral economic cooperation. The two-way trade of Turkey was around USD 800 billion as against India`s USD 600 billion annually. While Turkey`s trade deficit was around USD 80 billion, India`s was around USD 60 billion.

India could consider utilizing Turkey as gateway to the European Union for enlarging its trade with the 27-nation bloc. Turkish Consulate should be set up in Mumbai by 2008 and there was a need to build a comprehensive economic relationship between the two countries. Indian companies are committed to invest in Turkey as it is among the 11 countries listed by investment bankers for growth potential.

Turkish businessmen are keen on collaborating with their Indian counterparts in the areas of energy, mining, biotechnology, medicine, IT and railways, Tuzmen said at an Indo-Turkish Business Association meet. Tuzmen said that Turkey was witnessing a GDP growth of 6% and the total Foreign Direct Investment in the country is likely to reach USD 100 billion. The country is also keen to broaden their activities in the Indian market by investing in different potential sectors like food and food processing, textile, plastics, chemicals, machinery, construction material as well as taking part in infrastructure projects.