The Portuguese East India Company was established in 1628 to promote trade between Portugal and the East Indies, particularly in spices and other valuable goods. It aimed to compete with other European powers, such as the Dutch East India Company and the British East India Company, which were also expanding their influence in Asia. The company operated primarily in regions like India, Southeast Asia, and Africa, focusing on establishing trading posts and securing trade routes. However, it struggled with financial difficulties and competition, leading to its decline by the late 17th century, ultimately being dissolved in 1778.