The Federation of Telangana Chambers of Commerce and Industry as part of FTCCI CEO Forum meeting on Thursday organised a panel discussion on ‘Trade, Technology and Tourism’ in which U.S. Consul General Jennifer Larson, British Deputy High Commissioner Gareth Wynn Owen and Consul General of Turkey Orhan Yalman Okan underscored the potential for increasing trade and strengthening ties with India.
The U.S. is India’s main export market, second largest source of direct investment and one of the main recipients of direct investments from India itself, Ms. Larson said. The bilateral trade between the two countries was expected to touch $500 billion by 2023. From 2000-2019, it had increased ten times to $146 billion, she said.
Seeking to highlight work being undertaken by startups and emphasis in the region on encouraging innovation, Mr.Owen said “we want to work with T-Hub and other incubators in Telangana.” Bilateral trade in goods and services between India and the U.K. stood at £35.9 billion in 2022 and the plan is to double it by 2030 to £70 billion, he said.
Mr. Okan said efforts were underway to explore collaboration with T-Hub. A Turkish delegation had visited T-Hub recently. “We have invited T-Hub to Turkey. The Scientific and Technology Research Institute of Turkey is likely to set up an office in T-Hub, he said. Bilateral trade between India and trade Turkey was more than $12 billion in 2022 and the two countries were keen on increasing it to $20 billion.
Convener of FTCCI CEO Forum K. Bhaskar Reddy and FTCCI president Anil Agarwal spoke.
