This would decrease the number of days it takes the oil to reach India from 29 days to 16 days, he said.

Erdoğan said his official visit was a belated one but that it was successful. A number of common projects were discussed with Indian authorities, Erdoğan added, singling out new oil transport projects as an opportunity to bring the two nations closer together. "I think not a single vigilant administration, would push this decrease in freight costs with the back of his hand," he said.

Speaking during a dinner hosted by the Federation of Indian Commerce and Industry Chamber (FICCI) on Monday, Erdoğan said the energy ministers of Turkey, Israel and India would gather in the coming weeks to discuss a possible joint project. He also said he hoped his visit will be a starting point for a new era with India, with which he said Turkey has no political problems. He also underlined that there are broad areas of possible cooperation between the two countries, noting that their target is to increase the current trade volume from $3 billion to $6 billion by 2010. He called on businessmen in both countries to focus more on reciprocal relations. "You know the needs and skills of both nations better than us," he said to the businessmen.

Erdoğan also said he believed Turkish construction companies would play an important role in infrastructure projects in India, noting that representatives of Turkish construction companies accompanying them held bilateral talks during his visit. India has allocated nearly $500 billion for projects on energy, highways, railways, airports, irrigation and tap water, Erdoğan said, and he asked businessmen to be swift in benefiting from these opportunities.

The governments of both nations would do their best to remove obstacles facing businessmen from both nations as they do business, he explained. There are only 60 Indian businessmen investing in Turkey, Erdoğan said, insisting that this number was lower than it could be. Energy Minister Hilmi Güler also asserted yesterday that the visit to India would be a turning point for the two countries and would trigger further cooperation. Here are the issues agreed upon between Turkey and India: The Turkish Petroleum Corporation (TPAO) and the Indian Oil Corporation will do oil research in other countries in addition to Libya. Turkey and India will do joint studies on liquefied natural gas. India to help Turkey in nuclear energy development studies. Turkey and India will cooperate on renewable energy. A free trade agreement will be signed between the two countries. Trade volume between India and Turkey will be increased to $6 billion by 2010. The Scientific and Technological Research Council of Turkey (TÜBİTAK) and its Indian counterpart will carry out joint projects.

Meanwhile, during his flight back to Turkey from Bangalore, Erdoğan commented on the controversial issue of a prospective stand-by deal with the IMF. Avoiding confirmation of any rumors about the discussions over a new agreement and the quantity of loans to be obtained, the prime minister said he would announce the final word on the matter after he returned to Turkey. Newspapers had claimed yesterday that the IMF had agreed to lend Turkey only $19 billion, though $30 billion had been requested.

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