India-Turkey trade should reach $10 billion by 2020, as the current volume of $6.5 billion were not enough, Turkish President Recep Tayyip Erdogan said on Monday.

“I think it would be beneficial to raise it to $10 billion”, Erdogan told a joint press conference with Prime Minister Narendra Modi, hours after the prime minister exhorted Turkey to invest in India’s fast moving infrastructure sector.

“Let us work together for enhancing the level of our economic activities for welfare of our people. From the Indian side, I welcome you with open arms. I can say with confidence that India was never a more promising destination than it is today,” Modi said addressing India-Turkey Business Summit.

“I know that Turkish construction companies have successfully

undertaken many construction and infrastructure projects in other countries. Our infrastructure requirements are enormous, including core as well as social and industrial infrastructure,” he said.

In his address, the Turkish president also sought rebalancing of bilateral trade which he said was heavily tilted in India’s favour.India-Turkey trade has grown from $2.8 billion in 2008 to $ 6.5 billion in 2016. Of this, Turkey’s export is only about $650 million. 

Erdogan also pitched for free trade agreement with India and exploring the possibilities of trade in local currencies to deal with exchange rate fluctuations.

“It would be good to start free trade agreement (FTA) talks. This would also add further momentum to our relations,” he said.

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