Portugal's Secretary of State for Economy, Joao Rui Ferreira, said on Monday, 11 May that there is a significant opportunity for India and Portugal to deepen economic ties beyond trade, building complementarities across sectors including manufacturing, renewable energy, and startups. Speaking in an exclusive interaction in New Delhi, Ferreira described the relationship as a "strategic partnership for the future" rather than merely a trade corridor.

A Partnership Beyond Trade

Ferreira acknowledged that bilateral trade has grown considerably over the past decade but noted that the full potential remains untapped. "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," he said. He described the vision as one that "combines Portuguese know-how, skills, and competencies with India's ambitious plans for growth in infrastructure and industrialisation."

Renewable Energy and Advanced Manufacturing

Ferreira highlighted renewable energy as a particularly strong area for collaboration, noting that approximately 80 per cent of Portugal's energy currently comes from renewable sources. He said Portugal can contribute expertise in clean energy transition, sustainability, and waste management to support India's decarbonisation ambitions. Portugal has also invested heavily in the battery value chain, spanning extraction, refining, battery production, grid management, and waste-to-energy systems.

On advanced manufacturing, Ferreira pointed to Portugal's standing as one of Europe's top countries in terms of engineering graduates. "We are recognised for the quality of our products, machinery, and tooling," he said, adding that opportunities also exist in life sciences, pharmaceuticals, the agro-food industry, and tourism.

Startups and the Gateway to Europe

Ferreira expressed strong optimism about startup collaboration, noting that Portugal hosts a large number of technology startups that could partner with Indian companies and integrate into joint consortiums. He underscored that Portugal serves as a gateway to the European single market, giving companies access to a consumer base of 450 million people — described as the largest integrated economy in the world. Indian startups that establish a presence in Portugal can also leverage access to Portuguese-speaking countries globally.

Portugal's digital infrastructure and reliable energy grid were cited as additional enablers for startup growth. Ferreira also noted that several Portuguese contractors accompanying him on the current visit to India could play a meaningful role in the country's infrastructure development pipeline.

Connectivity and the Direct Flight Push

Ferreira flagged the absence of a direct flight between the two countries as a gap that needs to be addressed, saying diplomatic discussions are ongoing on the possibility of establishing one. He described a direct flight link as a potential "game-changer for business and bilateral relations."

Alignment With India's 2047 Vision

Ferreira drew a direct line between Portugal's sectoral strengths and India's 2047 development plan, which targets a more sustainable and industrialised economy. "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 said. With Portugal having invested in decarbonising industries and electrifying industrial processes, officials see the bilateral relationship as well-positioned to scale in the years ahead.