Hyderabad, 03rd February 2025: T-Hub, India’s leading startup incubator, and the Indo-Türkiye Friendship Association (ITFA) are proud to announce the signing of a Memorandum of Understanding (MoU) to bolster innovation, trade, and cultural exchanges between India and Türkiye. The MoU was formalized during ITFA’s inaugural event held at the Turkish Consulate General in Jubilee Hills, Hyderabad.
With India being the fifth-largest global economy and Türkiye ranking as the 11th largest in terms of purchasing power parity (PPP), this MoU seeks to unlock vast opportunities for startups, corporations, and other stakeholders. This collaboration aims to bridge the innovation ecosystems of both nations, which are emerging as global economic and technological leaders. The bilateral trade between the two nations reached $13 billion in 2024, and the partnership aligns with the goal of achieving $20 billion in the medium term.
The MoU establishes a framework for cross-border mentorship, market access, and collaborative events in sectors such as IT, software, pharma, defines, aerospace, cybersecurity, and renewable energy. It also promotes joint academic and accelerator programs, emphasizing technology-driven initiatives in artificial intelligence (AI), the Internet of Things (IoT), and critical minerals. Beyond tech, the collaboration will explore opportunities in agriculture, textiles, machinery, logistics, and supply chain sectors.
The event was graced by prominent dignitaries, including Mr. Sujit Jaghirdar, CEO of T-Hub, and Mr. Jayesh Ranjan, Principal Secretary to the Government of Telangana. It featured speeches by the Consul General and ITFA Chairman, followed by the MoU signing ceremony. Post-MoU, T-Hub and ITFA will collaborate on several initiatives, including the Türkiye Tourism Roadshow on 26th February 2025 at Taj Krishna Hotel, a business trip to Türkiye in April 2025, the Türkiye Food Festival from 3rd to 18th May 2025 at Trident Hotel, and the Türkiye Education Fair in June 2025, also at Trident Hotel. ITFA will assist Indian startups in entering Turkish markets and connecting with the right partners while T-Hub will support Turkish startups in navigating the Indian ecosystem, fostering innovation through joint ventures, mentorship, and access to resources.
Speaking on the occasion, Mr. Sujit Jaghirdar, CEO of T-Hub, commented, “This collaboration is a powerful demonstration of how innovation and strategic partnerships can drive economic growth and technological progress. The signing of this MoU marks the beginning of a new chapter in strengthening the innovation ecosystem, where Indian and Turkish startups will have access to expanded networks, resources, and expertise. Our goal is to create a dynamic platform that enables meaningful cross-border exchanges, providing startups from both nations with the opportunities they need to scale and succeed. Through this partnership, we aim to foster long-term relationships that contribute to the global success of entrepreneurs from both India and Turkey, ultimately positioning them to lead in the next wave of innovation.”
Adding his perspective, Mr. Orhan Yagman Okan, Consul General of the Republic of Türkiye, said: “Hyderabad holds a special place in the hearts of the Turkish people, with deep cultural and historical ties dating back to the Nizams’ era. The city’s dynamic population and growing economic stature make it a critical hub for fostering global connections. T-Hub’s success as a pioneering global brand makes it the perfect partner to drive forward trade and investment relations. Today’s signing of the MoU is a significant step in further strengthening these ties. I am particularly excited to see this collaboration pave the way for a Turkish-India Technology Transfer Office at T-Hub, a move that will further boost innovation and business exchanges between our nations.”
Highlighting the importance of this collaboration, Mr. M.A. Faiz Khan, Chairman of ITFA, remarked, “Hyderabad and Türkiye share a unique and cherished bond, rooted in common values and cultural traditions and a mutual appreciation for creativity and innovation. This MoU signifies the shared aspirations of two nations—India, with its vibrant innovation ecosystem, and Türkiye, offering a strategic gateway to European and global markets. The synergy between our two countries presents limitless opportunities for startups to innovate, grow, and forge meaningful collaborations. This partnership will not only enhance trade and investment but also empower businesses to explore emerging sectors such as renewable energy, technology, and cyber security. Ultimately, this collaboration will serve as a vital platform for strengthening economic, cultural, and technological ties, bringing our nations closer together for generations to come.”