New Delhi, May 11
Portugal's Secretary of State for Economy, Joao Rui Ferreira, said on Monday that the India-EU free trade agreement will mark the beginning of a new phase and strengthen the strategic partnership between India and the European Union by creating a stable and predictable regulatory framework.
In an exclusive interview with IANS, Ferreira said, "Portugal has supported this agreement since day one. We are confident that it will happen soon, hopefully, by 2027."
He pointed out that the agreement is not only about tariffs but also about consistency, stability, and long-term predictability. Of course, every agreement may require some adjustments over time, but it will create a completely new environment where companies can operate under much more solid conditions on both sides, he explained.
Ferreira said that India is now the world's fourth-largest economy, with the ambition to become the third-largest. This positions India as a major global player with influence across many areas.
"Prime Minister Narendra Modi is leading the country during this important period of transformation, and the ambition is clearly visible," he remarked.
Ferreira further stated that Portugal and India have enjoyed excellent political relations over the years and now, it is time to strengthen business relations as well.
"India's Vision 2047 and its plans for infrastructure development and reindustrialisation are very positive initiatives. I congratulate India for this vision because it will improve the quality of life for Indian citizens and strengthen Indian society overall," he observed.
Asked about Portugal's strategy in the area of AI and the digital economy, Ferreira replied that this is a key area for economic development and Portugal performs very well in STEM education, engineering, and technological talent.
"We are now transforming this talent into real economic opportunities. Portugal is highly connected digitally through submarine cable networks, linking us to different parts of the world," he observed.
He further stated that Portugal is also very competitive in energy, which is becoming a critical resource for AI in the 21st century. Portugal has a strong national plan for data centers because AI will play a crucial role in industrial development and value creation.
"Portugal is focused on becoming a high-value economy by adding value across all sectors, including mature industries. AI will help improve processes, products, and production methods," he remarked.
AI is also becoming an important matter of strategic sovereignty in the global economy. Fortunately, Portugal has the talent, infrastructure, and national policies required to move quickly in this area, he added.
Asked what message he would like to give to Indian entrepreneurs and investors, Ferreira replied: "My message is very clear: in Portugal, Indian businesses will find an open and business-friendly country -- a simple and accessible place to invest and grow. Portugal serves as a gateway to Europe and Portuguese-speaking countries. I encourage everyone who has never visited Portugal to come and experience it firsthand."
He said that Indian investors can also connect with Portugal's Trade and Investment Agency, which recently reopened its office at the Portuguese Embassy in Delhi. "Our ambassador, embassy team, and investment agency will provide full support in helping businesses find the right opportunities and tools," he added.
Ferreira said he will also be meeting Minister of State for Commerce and Industry Jitin Prasada for an institutional meeting to discuss, among other topics, the India-EU Free Trade Agreement and the economic relations between India and Portugal.
--IANS
Lomas-sps/na
- IANS
Reader Comments
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.