Turkish President Recep Tayyip Erdoğan complained to the Indian industry that they were not investing enough in his country, even as he batted for a bilateral free trade agreement.

“Although bilateral trade between India and Turkey is growing, it is not in Turkey’s favour. In terms of investments, Indian industry should invest more. The investments coming in now are not sustainable for Turkey. There should be reciprocal investments,” he said here on Monday while addressing industry chambers.

Erdoğan, who arrived here on Sunday, was accompanied by a high-powered business team consisting of 150 Turkish industry leaders to explore investment opportunities.

The Turkish President, who was jointly addressing India Inc with Prime Minister Narendra Modi, also proposed a bilateral Comprehensive Economic Cooperation Agreement (CECA).

“If we can prepare a base, then we can start the negotiations for a Comprehensive Economic Cooperation Agreement. We should at least start talks for a free trade agreement. This will further deepen our ties,” he said.

Erdogan said despite all “negative incidents” that took place in Turkey last year, the country was able to achieve 2.9 per cent growth. Last July, there was a failed military coup against him.

The Turkish President said India and Turkey could cooperate in high-speed railways, smart cities, infrastructure development, renewable energy and tourism among others.

Bilateral trade between the two countries rose to $6.4 billion last year from $2.8 billion in 2008. Both countries also vowed to raise the bilateral trade to $10 billion by 2020. According to Modi, there still remains untapped potential to enhance economic and trade ties. He also invited Turkish investors to participate in India’s infrastructure development and smart cities project. Responding to Erdoğan’s comment on sluggish Indian investments, Modi said while Turkish construction companies were undertaking massive construction projects in other countries, they were not looking at opportunities in India.

“I understand Turkish construction companies have undertaken many infrastructure projects in other countries. We also have huge opportunities here in infrastructure sector, Turkish companies can invest in it easily,” Modi added.

This is Erdoğan’s second visit to India. He earlier visited India as Turkey’s Prime Minister in 2008.

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