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On the first visit of the Indian Prime Minister, Narendra Modi to Portugal earlier last month, the Portuguese Prime Minister, António Costa, was handed his OCI (Overseas Citizen of India) card, reinforcing the relationship that the two countries share.

The two countries signed 11 agreements aimed at the development of trade & science and technology involving the Portugal-India Business Hub (PIB Hub), the Agency for Investment and Foreign trade of Portugal (AICEP), the University of Minho, the Iberico International laboratory of Nanotechnology of Braga and Foundation for Science and Technology and the IIT Ahmedabad, IIT Roorkee and IIT Madras.

The PIB Hub and The Indian Chamber of Commerce also signed a MoU “to promote the
economic exchange in the area of Trade to India, Portugal and Indian Diaspora market, in a bilateral and multilateral perspective. The principal focus will be in areas such as “renewable energies (solar and wind), construction, infrastructure (roads, ports, airports), defense (‘Drones’, robotics, cargo planes), food processing and logistics, tourism, hotel and real estate”.

A MoU was also signed between PIB Hub and the Reira Group, represented by Goan
entrepreneur Darryl Pereira, for the opening of PIB Hub Goa, “to provide a local service tosupport the Indian business community interested in making investments in Portugal and Portuguese speaking countries, as well as supporting the Portuguese business community that wishes to invest in India”. The MoU was exchanged between Darryl Pereira, CEO Reira Group and Dr. Abdool Karim Vakil, Chairman PIB Hub, in the presence of the honorable Prime Minister Narendra Modi and Prime Minister António Costa. The agreement will lead to enhanced opportunity in business and trade with Goa with the setting up of a PIB Hub Goa.

Said Darryl Pereira, CEO, Reira Group, “India and Portugal is home to a vibrant start-up
community, many of who are reluctant to venture into unknown markets in India and Europe. PIB Hub will facilitate entrepreneurs to venture into India through Goa and assist Indian companies to enter Europe through Portugal. PIB Hub will act as a bridge between the two countries. It will provide assistance in various forms including hand-holding to entrepreneurs.”

The AICEP and The Portugal-India Hub Signed an understanding for the assistance "in the development of direct commercial (trade) relations between India and Portugal, implementing measures to achieve a balanced bilateral trade in between two countries in all sectors of the economy”.

Accordingly, “the parties intend to cooperate in the organization of fairs, conference and other events, promote trade mission between two countries, exchange economic and trade information”.

In other memorandums, the Foundation of Science and Technology and the Indian Institute of Technology of Ahmedabad, Roorkee and Madras will collaborate on areas of knowledge, including engineering, proper sciences, science of life, social science and Humanities. The International Iberico laboratory of Nanotechnology and the Jawaharlal Nehru Centre for Advance Scientific Research of Bangalore also signed an agreement to “facilitate the scientific- technological exchange and the strengthening of scientific and technological capabilities of the parties in the area of materials and nanotechnology”, while in another memorandum signed today, The University of Minho, the 3B’s Research Group and the National Centre for Biological Sciences of Bangalore converged in launching a joint platform for scientific translational and scientific cooperation, such as bioengineering and regenerative medicine”.