The owner of Autodromo do Parkalgar circuit in Portimao Paulo Pinheiro, unveiled a statue at the entrance of the circuit to pay tribute to Craig Jones.
The track already bears a corner dedicated to the English rider.
Jones, who raced for circuit owners Parkalgar Honda, lost his life in an accident during the World Supersport round at Brands Hatch last season .
The provisional statue will be replaced by one in stone in the future.
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Following a petition by a Labour MP, Robert Milligan Statue was taken down by JCB.
The seal, nicknamed Freddie Mercury, who became popular after his numerous appearances by the Thames, has been euthanised after a dog attacked him on Sunday.