Lisbon: Prime Minister Narendra Modi and his Portuguese counterpart Antonio Costa today launched the India-Portugal International Startup Hub, a platform developed to strengthen and foster the connection between the startup ecosystem of the two countries.


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"Start-up sphere is an interesting space for cooperation. It is a great means to generate value and wealth for society," Modi said.


The India-Portugal International StartUp Hub (IPISH) is a platform for all stakeholders of the startup ecosystem in India, including startups, investors, mentors, incubators, accelerators, aspiring entrepreneurs, service providers and government bodies, the hub's official website said.


It not only provides an opportunity to connect with other members of the ecosystem but also gives access to important resources such as its learning and development programme, information about relevant government schemes, a forum to brainstorm and discuss, news and blogs among others, it said.


The platform has been initiated by Startup India and supported by the 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.


There are strong complementarities between India and Portugal in the start-up sector. 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.


Modi is the first Indian prime minister in Portugal for a bilateral visit. He has said his one-day visit to the country will further strengthen relations between India and Portugal.


Earlier, Modi held bilateral talks with Portugal's Prime Minister Costa who is partially of Indian-origin.