Ambassador of Portugal, Jorge Roza de Oliveira , told PTI that they are trying to work on the trade ties with India and especially Goa, its former colony, to make up for the existing trade deficit.

"We have excellent relationship with India, we have history and culture. But there is not much trade and investment happening," he said.

Portugal, which has good trade ties with its former colonies like Brazil and Angola, is looking to Goa as their destination for future.

He clarified that when he talks of trade deficit (India's exports surpass imports from Portugal), his fingers are pointed towards Portugal and not towards India.

Goa was ruled by Portuguese for almost 450 years, till it was liberated by Indian Army in 1961.

Oliveira said that the colonial bitterness between Goa and Portugal was over as early as 1974 when its Foreign Minister asked for forgiveness and it was granted by the freedom fighters.

The Ambassador said that Portugal has moved on after decolonisation of Goa and now looks at better ties in the form of trade and commerce.

He said that they have expertise in the fields of infrastructure, water and waste management and alternate energy, which can be shared with India.

"The trade should be above the normal things like I sell and you buy. We can come with the projects due to which social conditions are benefited. These are areas which tend to benefit everyone," he commented.

As per estimates, the trade between India and Portugal was to the tune of Euros 500 million bulk of which was accounted for by exports from India