The Confederation of Indian
Industry (CII) along with FICCI and Assocham organized a Business Meeting
with António Costa, Prime Minister of Portugal and his
accompanying delegation in the city. The Business meeting aimed at
boosting trade and investment between India and Portugal brought together
Industry representatives and Industry bodies including FICCI and ASSOCHAM in an
effort to fast track business relation between the two nations.
Assuring full support of
his Government for Portuguese companies to export or invest in India and for
Indian companies to come to Portugal. António Costa, Prime Minister
Portugal said that, it is well known that Portugal and India have centuries
old relationships based on historical cultural and personal ties but despite
the old ties the commercial relationship between Portugal and India is still
quite insignificant. Portugal export only 1200 million Euros a year to India
and India exports only 500 million Euros to Portugal. Tourist flows and balance
of service between the two countries is also very low. It is this situation
that needs to change. The aim of my visit to India is to review and adapt our
relationship to address both present and future challenges. We want to enhance
our relationship and extend it to a strategic partnership with ambitious
targets in new areas of cooperation.
India and Portugal have
complementary economies and can take advantage of being part of different
regions and markets. There are great opportunities that can be explored both in
terms of trade and investment. Portugal has a long tradition of openness to
foreigners and to foreign direct investment. The Portuguese government has been
focusing in creating a better global framework for investment, putting
investment at the heat of its strategy to foster growth. Portugal has a
strategic position to access key markets, it is the nearest European country to
the United States and Canada, it is a country in the same time zone as the
United Kingdom and Ireland and it has high connectivity to African and Latin
America. The goal of this seminar is to expose both business communities to
opportunities that they can explore either in Portugal, in Indian or even in
CPLP countries.
Manuel Caldeira Cabral,
Minister of Economy Portugal said that Portugal is
a very open economy open for trade and Investment from different countries, it
has a long history of building bridges and today Portugal is open to being the
doorway for India to enter the European Union (EU) market. Portugal is also a
platform for doing business with Portuguese speaking countries all-around the
world particularly in Africa and Latin America. The country witnessed the
highest growth rate in the EU in 2016, investment is recovering with a strong
base of Foreign Direct Investment (FDI), the country is inviting cooperation in
sectors such as science and technology, Infrastructure, renewable energy,
startups, agriculture and food processing, water and waste management, tourism,
pharmaceuticals, automotive products and defense.
Ravi Raghavan, Chairman CII
Karnataka, extended a warm welcome to the Prime Minister of Portugal. He
said that there is a strong need for the two nations to build on their
historical relationship and transform it into a 21st Century
technology driven business relationship. Portugal and India are very strong in
industry verticals such as information technology, pharmaceuticals,
automobiles, alternative energy, tourism, agro products, fisheries and a host
of other sectors, and he called upon both countries to realize the full
potential that a combined effort can bring about. He appreciated the support
offered by Portugal in India’s bid for a permanent set at the UNSC.
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