New Delhi, May 1 (KNN) India and Turkey can collaborate in sectors such as energy, auto, textile, manufacturing and tourism, Prime Minister Narendra Modi said during India-Turkey Business Summit.

Welcoming Turkish President Erdogan and the business delegates from Turkey, PM Modi said the bilateral trade between India and Turkey has gone up from US Dollar 2.8 billion in 2008 to 6.4 billion in 2016.

Pointing that both India and Turkey are energy deficient and their energy needs are ever increasing, PM Modi said hydrocarbon sector is therefore a common area of interest for both countries. The same would also be relevant for solar and wind energy. 

Therefore, the energy sector becomes an important pillar of our bilateral relations, he said.

Apart from this, PM Modi said mining and food processing are other areas with great promise.

“We can also pool together our strengths in the textile and auto sectors. Turkey has a strong manufacturing sector and India is a low cost manufacturing hub. Besides the cost aspect, we have a large pool of skilled and semi-skilled work force and strong R&D capabilities,” he said. 

The PM noted that the mechanism of India-Turkey Joint Committee on Economic & Technical Cooperation is working well. In its next meeting, the Committee could undertake a review of the measures to be taken for promoting two-way trade and investment. 

He urged the Chambers of Commerce & Industry of both sides to engage with each other pro-actively.

“Our processes should work closely both at the government and B-2-B level,” he said.

Acknowledging that the Turkish tourism sector is globally renowned, he called to further boost the sector by exploring wider possibilities.