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Portugal wants Indian firms in UK to remain in EU post-Brexit

Press Trust of India  |  London 

Portugese has proposed a "two-in-one" opportunity for Indian companies in the UK to invest in his country as a base in the (EU) post-

Indian-origin Costa told a gathering of prominent Indian businesses in yesterday that the country's highly-skilled workforce and attractive investment climate make it the ideal home for companies that want to continue accessing the benefits of an EU single market.

"Any company wishing to continue its operations in the internal market after will find in a safe harbour and fertile ground for business. By opening in Portugal, you can have a two-in-one in the UK and remain in the with Portugal," said Costa.

"We cannot shy away from challenge of Brexit. We must face it head on...it is time now for to discover the enormous business opportunities that await in Portugal, he said.

Addressing the Portugal-Business Roundtable organised by the (CII), the Portuguese leader said he was proud to be the first person of Indian-origin to become the of an EU member-state.

He said that under his leadership, is strongly committed to fostering the partnership between the EU and by supporting its expansion into new areas by keeping trade "as free as possible", not only from tariffs but other barriers.

"As the third-largest investor, India will continue to play an important role in the UK economy even after Brexit. We must act responsibly to preserve as much as we can of the prosperity of Britain's participation in the and prepare for the new paradigm of relations that follow," he added.

The delegation comprised of Manuel Caldeira Cabral, Minister of Economy, who highlighted the country's attractive visa and tax provisions for investors and start-ups, as well as Chitra Stern, of the country investment facilitation agency in and a of Prime Minister Costa's special temporary task force to attract investments into the country.

Among some of the India-headquartered companies represented at the event included Tata Consultancy Services, Tech Mahindra, Wipro, ICICI Bank, Taj and

The first-of-its-kind roundtable follows Costa's official visit to India early last year, which was followed up by Prime Minister Narendra Modi's reciprocal visit to later in 2017.

This event marks a great vote of confidence in the role of Indian diaspora in the UK, which is set to hit nearly 1.7 million... The ground is fertile to attract investments from Indian companies based in the UK to Portugal, which offers an ideal entry port to the EU and rest of Europe, said India's to the UK Y K Sinha.

Dr David Landsman, of the CII India Business Forum (UK) and of Tata Limited, highlighted Portugal's Golden Visa scheme to attract non-European investors, which has facilitated several important Indian investments, especially in the hospitality, renewable energy, IT and

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 12 2018. 19:35 IST
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