Why India should invest in Turkey’s technology sector to form a formidable Eurasian bloc

Why India should invest in Turkey’s technology sector to form a formidable Eurasian bloc

Turkey is looking for Indian investment in its technology sector. AP

Turkey is currently facing economic challenges and is actively seeking new investors. Despite recent tensions with the Western bloc and the US, Turkey still offers an attractive investment environment. In the aftermath of these crises, Western capital has shown some distance from the Turkish economy. Despite the challenges with Western capital, Turkey has seen increased interest from Russian and Chinese investors, who have chosen Turkey as a new business frontier. It is also possible that other Eurasian countries will make substantial investments in Turkey, considering it a safe destination for investors. In such a situation, both Turkey and the investors stand to gain significant benefits.

Why is the Turkish economy in a bad condition?

The coup attempt in Turkey in 2016 and some events that took place after it spoiled the relations between Ankara and Washington. Turkey, which experienced tension in its relations with European countries during the process, saw the results of these crises in its economy. The Turkish economy, which suffered a serious injury in the process of not handing over priest Andrew Brunson to the USA, was also targeted by foreign capital.

Eurasian countries are coming to Turkey

Although Western capital withdrew from Turkey under various pretexts, the commercial institutions of Eurasian countries started to fill this gap. An example of this is that Russian and Chinese brands have done great business in Turkey in recent years. It is considered highly likely that new countries will be added to this list besides Russia and China, which have supported the Turkish economy and which have survived significant problems with their investments.

The promise of Taiwan attracted attention

As you know, there is only one month left before the Turkish presidential election. Presidential candidates have unveiled their promises ahead of the upcoming election, and Sinan Ogan, a candidate in the race, has announced his intention to make a technological breakthrough if he wins. Organ said, “We will make Turkey a ‘chip production centre’. We are in talks with Taiwan. Taiwan is looking for new production areas due to its problems with China. Turkey is an ideal place for this.”

Turkey-India cooperation in technology is important

Despite predictions that Ogan may not win the presidential election, his promise of a technological breakthrough has generated excitement among the public. Turkey has recently made significant strides in military technology, and the potential for this progress to extend to other areas is of great importance. At this point, it will be beneficial for both countries if Turkey cooperates with India, which is at a technologically advanced level. Cooperation between Turkey and India in the field of technology will also contribute to the strengthening of the Eurasian bloc. On the other hand, coming together in the field of technology between Turkey and India will positively impact other sectors.

The writer is a correspondent and an author who works in Turkish media. He graduated from Istanbul University, Faculty of Communication.  He is interested in foreign policy issues, especially in the Middle East, Eastern Mediterranean, Atlantic and Eurasia. Views expressed are personal.

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