"A few years ago, India could be perceived as a rural country, with widespread scarcity and in need of development assistance", Silva said in his inaugural address at the Partnership Summit 2007, the Confederation of Indian Industry's flagship event.

"Today, India is recognised as a success story, where millions of people have been lifted out of poverty, through the efforts of India national and state governments, as well as efforts of its increasingly assertive companies", he said.

Silva, an economics professor, said, "India is today regarded as a place where the future is being shaped: a land of bright people, of new technologies, research, innovation and cutting-edge industries. It is this India that I would like to get interested in a closer cooperation with Portugal."

"India is, of course, a land of contrasts and diversity. Still, the idea that emerges when we now think of India is one of hope and success," the Portuguese President said.

Silva said an increasing amount of foreign direct investment taking place in the world today comes from companies based in India, China and Brazil.

CII President R Seshasayee said 1,800 delegates, including 750 from 26 foreign countries, were attending the three-day summit, which has the theme "Emergent India: New Roles and Responsibilities". CII said the event was a platform to promote India as a profitable and stable investment destination.