India seeks to tighten economic ties with Porto

Portugal and India have a close historical relation that is crucial to uphold by developing partnerships that are mutually rewarding.

In this context, the Palácio da Bolsa played host to the India Business Event, 22 November. This entailed identifying and capitalising business opportunities and encouraging investment between the largest democracy in the world, namely the states of Rajasthan and Madhya Pradesh, and Porto.

The meeting was attended by The Minister for Trade, Industry and Employment of the state of Madhya Pradesh, Shri Rajendra Shukla, by the Ambassador of India Nandini Singla and by Mayor of Porto.

Rui Moreira started by commending India - "an extraordinary country", with a strong bet on Education, "a country that has really developed into high-tech, into engineering, into every source of culture and science. A country who ventured and had the courage to open its economy".

Referring to Porto, Rui Moreira pointed out that the "trade balance in Porto has a 50% surplus" and further noted that "we welcome investors and everyone who wants to trade with us. There is a huge potential. The city is a plateau for business, for international exchanges".

Common ground: creating synergies

This event was promoted by the Indian Embassy in Portugal with the goal of joining efforts for establishing new bilateral commercial Indian-Portuguese relations.

Despite the geographical distance, Portugal and India have a great deal in common, which calls to renew this relationship. This was the message that Her Excellency the Ambassador of India Nandini Singla, delivered at a business seminar in Palácio da Bolsa in Porto. The Ambassador highlighted as well that both countries have "common priorities" - to attract investment and create employment, invest in innovation and technology, encouraging entrepreneurship in order to improve the quality of life of the population.

And the diplomat enhanced that "we decided to make Portugal the base and the launchpad for Indian startups to come and join Portuguese incubators and expand across Europe".

"The potential is huge", the Ambassador enthused, explaining that "India welcomes not just big investors, big businesses; it invites and welcomes everybody who is interested in trade, commerce, retail, in joint-ventures, partnerships, in being part of the global supply chain in India".

Minister Shri Rajendra Shukla, Minister for Trade, Industry and Employment of the state of Madhya Pradesh, the second largest Indian State, invited entrepreneurs from Porto to visit his state, emphasising that "I came here to assure our commitment towards development and investors' facilitation. Come to India, come to Madhya Pradesh".