Issue related to Economy and Trade ; 87th Izmir International tradeshow

Why in news?
=>The 87th Izmir International tradeshow held in Izmir, the third most populous city in Turkey, after Istanbul and Ankara in September, 2018.
=>India is the Partner Country in the tradeshow. In this tradeshow India launched a mega business pavilion ‘Source India’ hosting 75 Indian companies with the aim of tie-ups in order to increase India’s exports to Turkey and other neighbouring countries.

Source India:
=>This is part of a series of Source India pavilions that the Trade Promotion Council of India (TPCI) is hosting in important tradeshows across the world for boosting India’s exports.
=>Source India, with 75 Indian participating companies, is a multi-product pavilion though some of the key potential areas for increasing trade with Turkey are ceramics, cereals and machinery or mechanical appliances.

Bilateral Trade:
=>Turkey’s ceramic imports from the world is USD 339.8 million and only USD 16.6 million from India and India exports more than USD1.2 billion worth of ceramic products to the world.

=>India exports cereals worth USD 91.6 million to Turkey compared to Turkey’s import of USD 1.7 billion worth of cereals from the world. India has the capacity to increase its export in this sector as it is currently exporting USD7.3 billion worth of cereals to the world.
=>A business collaboration has been worked out by TPCI and BIM, a Turkish supermarket chain, having 6500 stores in Turkey, 600 in Morocco and 400 in Egypt. BIM is looking to open a store in India as well. Another similar partnership agreement has been worked out with MIGROS, owners of Ram stores, a prominent brand in Kazakhstan and Macedonia.
=>There is great potential for tie-ups between Indian and Turkish agriculture and food processing sectors. Collaborations may range from farming technology, high yielding varieties, farm machinery, food processing and cold storage.
=>The large Turkish market and preferential access to European markets will provide great opportunities for Indian entrepreneurs to set up joint ventures in Turkey.
=>India and Turkey had set a bilateral trade target of $10 billion during a meeting between Indian Prime Minister and Turkish President Recep Tayyip Erdogan in May 2017

About TPCI:
=>The Trade Promotion Council of India (TPCI), a trade and investment promotion organization of Department of Commerce, has organized similar pavilions in countries like Nigeria and South Africa.
=>These events serve the purpose of opening new areas for co-operation in trade and investment between India and the rest of the world.

Pic courtesy:knnindia