ITFA and T-Hub Join Forces to Strengthen India-Turkiye Trade Ties

Strengthening Economic Ties: ITFA and T-Hub Collaborate to Boost India-Türkiye Trade and Investment

In a significant move to enhance economic collaboration between India and Türkiye, the Indo-Türkiye Friendship Association (ITFA) and Telangana’s premier startup incubator, T-Hub, have signed a Memorandum of Understanding (MoU). This landmark agreement, formalized at the Turkish Consulate General in Hyderabad on January 24, 2025, represents a pivotal step toward fostering bilateral trade, investment, and innovation.

The MoU signing ceremony was graced by esteemed dignitaries, including Orhan Yalman Okan, Consul General of Türkiye, M.A. Faiz Khan, Chairman of ITFA, and Sujit Jagirdar, interim CEO of T-Hub. Hosted at the Turkish Consulate, the event underscored the commitment of both nations to deepen economic cooperation and leverage mutual strengths for shared prosperity.

A Vision for Economic Growth

India and Türkiye have long recognized the potential for robust trade and investment partnerships. In 2024, trade between the two nations reached an impressive $13 billion, underscoring their dynamic economic synergy. With an ambitious mid-term target of $20 billion set by both governments, this new collaboration aims to unlock avenues for growth and diversification.

Key Objectives of the MoU

The partnership between ITFA and T-Hub seeks to achieve the following objectives:

1. Foster Innovation and Collaboration: Facilitate joint initiatives, exchange programs, and partnerships between startups, innovators, and businesses in both countries.
2. Enhance Trade Opportunities: Establish a structured framework to identify and capitalize on untapped trade opportunities in sectors such as technology, manufacturing, pharmaceuticals, and renewable energy.
3. Boost Investment: Encourage investments from Turkish businesses in Indian startups and vice versa, leveraging T-Hub’s ecosystem to nurture cross-border entrepreneurship.
4. Promote Cultural and Economic Understanding: Strengthen people-to-people ties and cultural exchanges to build trust and mutual respect, which are vital for sustained economic partnerships.

The Role of T-Hub

As one of India’s leading startup incubators, T-Hub has played a transformative role in driving innovation and fostering entrepreneurship. Its robust network of startups, investors, and mentors positions it uniquely to bridge the gap between Indian and Turkish businesses. The MoU empowers T-Hub to:

• Provide mentorship and resources to Turkish startups entering the Indian market.
• Facilitate Indian startups in exploring business opportunities in Türkiye.
• Organize trade missions, startup expos, and networking events to connect entrepreneurs from both nations.

Türkiye: A Strategic Partner for India

Strategically located at the crossroads of Europe and Asia, Türkiye serves as a gateway for Indian businesses to access European and Central Asian markets. With a robust manufacturing base, skilled workforce, and pro-business policies, Türkiye presents an attractive destination for Indian investors. Conversely, India’s vast market, diverse economy, and technological expertise offer significant opportunities for Turkish enterprises.

Strengthening the Bilateral Agenda

The MoU aligns with the broader vision of India and Türkiye to enhance their bilateral agenda. Both nations have identified key sectors for collaboration, including:

• Technology and Digital Innovation: Building partnerships in artificial intelligence, fintech, and e-commerce.
• Renewable Energy: Collaborating on green energy projects to address global sustainability challenges.
• Healthcare and Pharmaceuticals: Expanding trade in medical equipment, pharmaceuticals, and healthcare services.
• Infrastructure Development: Pursuing joint ventures in infrastructure projects, including smart cities and transportation.

The Path Ahead

The ITFA-T-Hub collaboration is expected to catalyze a new era of economic engagement between India and Türkiye. By fostering innovation, enhancing trade, and encouraging cross-border investments, this partnership holds the potential to create a win-win scenario for both nations. As governments and private sectors join forces to achieve the $20 billion trade target, the future of India-Türkiye economic relations appears brighter than ever.

M.A. Faiz Khan, Chairman of ITFA, aptly remarked, “This MoU is not just a document but a commitment to unlock the true potential of our partnership. Together, we can achieve unprecedented growth and build a legacy of innovation and collaboration.”

As the world witnesses this transformative partnership, the ITFA and T-Hub collaboration stands as a testament to the power of international cooperation in driving economic progress and innovation. The MoU signing on January 24, 2025, at the Turkish Consulate General in Hyderabad marks the beginning of a promising journey toward stronger economic ties between India and Turkiye.