Alliance Majeure: India & Portugal

India and Portugal share deep historic and cultural ties that date back centuries. Portugal was the first European power to establish diplomatic relations with India in the 16th century, bringing trade, architecture, language and people between our lands. Many Indian last names like Dias, Fonseca and Mendes are a legacy of the Portuguese presence in Goa and other coastal regions.
Even after Portugal's colonial rule ended, our bond endured. India established its embassy in Lisbon in 1947, just months after independence. And over the past few decades, our partnership has blossomed into a truly modern relationship based on mutual understanding and benefit.
Bilateral trade has grown tenfold since the year 2000, reaching over $8 billion according to latest data from the Portuguese government. India is now Portugal's largest trading partner in Asia. Key exports from India to Portugal include textiles, chemicals, gems and jewellery, IT services, and pharmaceuticals. Meanwhile, Portugal ships machinery, vehicles, plastics, and paper products to the Indian market.
Investment flows have also strengthened - Indian companies have invested over $3 billion in Portuguese sectors like engineering, renewable energy, and real estate. And Portuguese firms are major investors in India's booming economy as well, with stakes in infrastructure, mining, and financial services.
Cultural and educational ties continue to deepen relations between our societies. Over 20,000 Indian students study in Portugal each year, enjoying high-quality education at affordable costs compared to other European nations. Meanwhile tourism is a growing area of exchange, as Indians and Portuguese alike discover each other's beautiful landscapes, histories and cuisines.
To further unleash the potential in our partnership, I believe Portugal and India should set ambitious new targets for cooperation across key industries of the future. For example, we could aim to double bilateral trade to $16 billion by 2030 through reduced tariffs and coordinated promotion of our goods abroad.
We could establish an annual India-Portugal Green Business Summit to spark joint investments and R&D in renewable energy, green technology, sustainable agriculture and more. With Portugal's expertise in these areas and India's immense renewable energy market, the opportunities are immense.
We may also develop an India-Portugal Tech Incubator Network to support startups addressing global challenges through fields like AI, biotech, blockchain and smart cities. By linking our innovation ecosystems, we can nurture the ideas that will power sustainable and inclusive growth worldwide.
And of course, people-to-people ties are the foundation of any strong alliance. We must commit to increasing two-way student exchanges to 5,000 annually and facilitating expanded tourism and cultural programs between our countries. This will ensure the ties between India and Portugal remain vibrant for generations to come.
In closing: India and Portugal can build a truly landmark partnership for the 21st century global economy. Portugal's balanced, progressive model has so much to offer countries seeking strong and equitable development. And India's scale, talent and entrepreneurial spirit are well-matched to realising Portugal's vision.
Building on our shared history & values, combined with modern ambitions for trade, investment and innovation, India & Portugal can manifest mutual benefit on a scale neither could alone. It is an alliance that can reap long-term dividends, and would make the architects of our original partnership centuries ago very proud to see.