India and Portugal launched a tech industry collaboration project over the weekend, designed to mutually boost growth in the startup ecosystems of both countries.
The India-Portugal International Startup Hub, developed by Startup India in collaboration with Startup Portugal, was announced by Prime Minister Narendra Modi and his Portuguese counterpart Antonio Costa on Saturday, after an official signing of agreements in Lisbon. The initiative was created by Invest India, the official Investment Promotion and Facilitation Agency of the Government of India.
The idea aims to develop, strengthen and foster the connection between the startup ecosystem of the two countries, both of which are burgeoning places for the startup sector. In 2016 Lisbon hosted the Web Summit, one of the industry’s biggest conferences, cementing the city’s place in the minds of entrepreneurs and investors. Indian startups and investors pursuing an international strategy will now be able to benefit from the India Portugal Startup Hub, using Portugal as a starting point for European expansion.
“Start-up sphere is an interesting space for cooperation. It is a great means to generate value and wealth for society,” Indian Prime Minister Narendra Modi said.
Modi has consistently pursued a programme designed to boost India’s relations with Europe and foster the country’s startup industry, hosting Chancellor Philip Hammond earlier this year as part of a trip designed to strengthen ties between the two countries. The trip was part of Modi’s ‘Make in India’ plan, devised to transform the country into a global manufacturing hub”. It then promoted the UK Fintech sector a source of financing for projects based in India.