Portugal Sees India as Key Economic Partner for Future Growth

In an exclusive interaction with IANS, he said, "Over the last 10 years, we have made significant progress, with our trade relations growing considerably. However, if we look at the global figures, we are still far from reaching the full potential. What I see is more than just growth in international trade it is a strategic partnership for the future."

"This partnership combines Portuguese know-how, skills, and competencies with India's ambitious plans for growth in infrastructure and industrialisation," he added.

Ferreira explained that in renewable energy, Portugal can contribute expertise, talent, and know-how to support India's ambition to improve sustainability, waste management, and clean energy transition.

He pointed out that advanced manufacturing is another key area for cooperation as Portugal has strong expertise in engineering, and is among the top countries in Europe in terms of engineering graduates.

"We are recognised for the quality of our products, machinery, and tooling. I also see opportunities in life sciences, pharmaceuticals, the agro-food industry, and tourism. There is enormous potential here," he pointed out.

Ferreira He also said that there is a need to strengthen connectivity and diplomatically, discussions are ongoing regarding the possibility of a direct flight between the two countries which would be a game-changer for business and bilateral relations.

He further pointed out that several contractors from Portugal who have accompanied him on the current visit to India, could play an important role in India's infrastructure development.

"I also see strong opportunities in startups. Portugal has a large number of technological startups that could partner with Indian companies and integrate into joint consortiums in both Portugal and India to develop critical sectors together," Ferreira said.

He highlighted that Portugal serves as a gateway to the European single market. Companies based in Portugal can access a market of 450 million consumers the largest integrated economy in the world. Indian startups that establish themselves in Portugal can also expand into Portuguese-speaking countries.

Portugal also provides strong digital infrastructure and reliable energy infrastructure, creating excellent conditions for startups to grow, Ferreira explained.

Ferreira further stated that Portugal has extensive expertise in renewable energy with around 80 per cent of the country's energy coming from renewable sources.

With highly-skilled professionals and strong competencies in this field, Portugal has focused on decarbonising industries and electrifying industrial processes. The country has also invested heavily in the battery value chain, including extraction, refining, battery production, grid management, and waste-to-energy systems.

"I see great potential for cooperation because Portugal's expertise aligns perfectly with India's ambitions under the 2047 plan to build a more sustainable economy," he added.

- IANS