PM Modi, Costa launch India-Portugal International StartUp Hub

Lisbon [Portugal], June 24 (ANI) Indian Prime Minister Narendra Modi and his Portuguese counterpart Antonio Costa launched a unique startup Portal - the India-Portugal International StartUp Hub (IPISH) - aimed at providing information on start-up hotspots in the two countries and associated policies.

The platform initiated by Startup India and supported by Commerce & Industry Ministry and Startup Portugal to create a mutually supportive entrepreneurial partnership.

IPISH hosts a range of tools and will provide information on the start-up hotspots of Bangalore, Delhi and Lisbon and on associated subjects, such as policy, taxation, and visa options. It will develop a Go-To-Market Guide to support start-ups.

IPISH is expected to help in mutual capacity building, and enable connections between start-ups, investors, and incubators from relevant sectors. It is also expected to establish a network of honorary ambassadors based in India and Portugal to guide start-ups from both countries.

Portugal has one of the highest rates of business creation in Europe and has emerged as one of the most vibrant European eco-systems for entrepreneurship. Lisbon is hosting the Web Summit - a key annual international technology conference - for 3 years from 2016 onwards.

The last Web Summit had 700 participants from India, and the number is expected to go up further this year. The governments of both India and Portugal are focusing on promoting Start-ups.

Prime Minister Modi is presently in Portugal on the first leg of his three nation tour.

The two signed new agreements in the field of taxation, science, space, youth affairs and sports to further expand their bilateral relations.

Speaking at a joint conference after holding a bilateral discussion with Portuguese Prime Minister Antonio Costa, Prime Minister Modi said the two sides have also agreed to set up a joint science and technology fund of four million euros.

He also announced setting up of a Chair for Indian Studies in University of Lisbon and developing a Hindi-Portuguese dictionary for mutual benefit.

He also expressed condolences for the families and victims of forest fire, in Portugal's Pedrogao Grande that claimed at least 60 lives.

On his part, the Portuguese Prime Minister welcomed his Indian counterpart in Gujarati.

He said that 17 cooperation projects have been identified to work on and that the bilateral talks.

He stressed that science is going to be one of the most important areas for cooperation between the two nations in the future. (ANI)

This story has not been edited. It has been published as provided by ANI