Confederation of Indian Industry (CII) signed two separate MOUs with the Union of Chambers and Commodity Exchanges of Turkey (TOBB), the highest legal entity in Turkey representing the private sector and the European Bank for Reconstruction and Development (EBRD), a pioneer private sector investment bank, at a session on ‘Inclusive Business: The Way Forward’ as part of the ‘National Conference and Annual Session 2015’ in New Delhi. Mr. Chandrajit Banerjee, Director General, CII signed on behalf of CII.
By the MOU between TOBB and CII, both parties agreed to take all such steps as may be necessary and feasible to promote bilateral trade and economic cooperation between the two countries, undertake studies to determine the support which might benefit their respective members, exchange information on all economic and commercial matters with regards to Turkey and India including specific industrial sectors relevant to both the countries. The agreement between CII and EBRD aims to increase financing opportunities of EBRD to Indian corporates through CII. The bank has already made US$1 billion investment together with Indian companies and the MoU will help to utilize huge untapped potential in the Indian private sector. This MOU will provide access to Indian corporates to global financing opportunities.
H.E. Mr Ali Babacan, the Deputy Prime Minister of Turkey was the chief guest to witness this. He congratulated the parties and wished them success for future. Focusing on the theme, he said, “Inclusiveness, Implementation and Investment are the priorities of G20 Turkey.” Mr Babacan further added that SMEs are the engines of growth. Thus the Turkish Presidency will focus on promotion of more entrepreneurship, R&D, Innovation and employment. Moreover, G20 is launching the W20 initiative to increase the role of women in business. W20 will encourage participation of women and organizations working for women empowerment to make it more effective. He also assured that G20 is identifying solutions to improve conditions for lower income countries.
Mr Rifat Hisarciklioglu, B20 Chair, and President, TOBB said, “Inclusiveness is an important driver for growth.” He further added that countries should fight challenges together. To harness the potential, B20 has started an initiative called Regional Consultation Forum to engage and involve emerging economies of the world. Mr Hisarciklioglu stated that it has two objectives. Firstly, include businesses from emerging economies, and secondly, it will take note of the views of Non-G20 countries. Inclusiveness of SMEs is important as they create two-third of jobs in G20 countries. He also said that SMEs should be included in the value chains. B20 has created a WSMEs Forum to cooperate with the SMEs and understand their problems and facilitate them.
While setting the tone of the session, Mr Adi Godrej, Past President, CII and Chairman, Godrej Group who was also the chair of the session said, “India and Turkey share strong bonds of friendship and commercial linkages dating back several centuries. Today, both India and Turkey have a vibrant economic relationship that has only touched the tip of the iceberg. We are sure that under your government’s able stewardship, the bilateral economic relationship will touch newer heights.” He stated that we are also delighted that an emerging market like Turkey has taken over the Chairmanship of the G20 for this year. India looks forward to working with Turkey to further the objectives of the G20.
6 April, 2015