SME Times News Bureau | 14 Aug, 2013
India to make custom made software products and solutions that suit the requirement of the Latin American markets, said the Chairman, Vinod Sharma, the Electronics and Computer Software Export Promotion Council (ESC) in New Delhi in a press statement.
“The interface is a part of our strategy to reposition India in the emerging IT market in Latin America. The council will sensitize the IT segment in India to evolve custom made software products and solutions that suit the requirement of countries in the Latin America. The product/solution profiles which are in demand in Latin America include packages for e-governance, rural electrification and higher education," he added.
Sharma also mentioned that this requisition has come from a group of Latin American ambassadors/ senior diplomats when they interfaced with representatives of ESC on Monday here.
According to ESC’s estimates the present IT market in LAC is US$ 124 billion, which would surge to US$ 166 billion by 2016. Also, IT spending in LAC is at least twice higher than the global average.
Importantly, Indian companies have invested so far more than US$ 16 billion in the region in diverse fields like manufacturing, mining etc. which can be leveraged to enhance the penetration in the IT sector, the council stated.
During the discussion with the ESC, Amarendra Khatua, India's Ambassador to Argentina, Uruguay and Paraguay mentioned that a high profile delegation from these countries would be visiting India to coincide to coincide with INDIA IT SHOW 2013.
Also, he mentioned that IT exports from India to Argentina was growing faster than the merchandize exports. Importantly, there is a sizeable presence of Indian companies including from the small and medium sector in LAC, which is poised to grow in the coming years.
India’s total trade (merchandize and services) with Latin American Countries (LAC) was to the tune of USD 31 billion in 2012. While import constituted USD 19 billion, export was pegged at USD 12 billion. Export of IT from India was USD 565 million, which is far below the potential. Therefore, a LAC focused ICT export strategy is inevitable to up India’s market share.