PRESS RELEASE -Post Launch of Global IT Services Strategy Launch
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Post Launch of Global IT Services Strategy Launch
When it comes to Global ICT services size does not always matter, this according to reviews at the TTCSI launch of a newly released IT services market strategy for Trinidad and Tobago. On Wednesday 27th of June, The Trinidad & Tobago Coalition of Services Industries (TTCSI) hosted the launch of the “Trinidad & Tobago Exploring Opportunities in the Global IT Services Market Strategy” done by the Inter American Development Bank and Tholons, a Strategic Advisory firm for Global Outsourcing and Research.
Dr. Harsh Muthal, C.E.O of Tholons, said that in spite of T&T being a small nation there is enough space in the Information Process Outsourcing (IPO) market, which spends about US$107 billion annually, for anyone who wishes to capture a share of the market. He believes that if Trinidad and Tobago can capture even 1.8% of the global market in IPO it will be a significant amount of revenue. Mr. Fabrizio Opertti, Chief of the Trade and Investment Unit at the IDB, also spoke of the nation’s small size being an opportunity to provide highly skilled, specialized service. On the issue of smallness Mr. Nirad Tewarie, C.E.O of TTCSI, said that because we are a dot on the globe that to supplement the pool of skilled labour there should be the implementation of the movement of persons in order to have scalability.
The IDB, which funded the study,believes that Trinidad and Tobago is well placed to take advantage of ICT exports and that there is sufficient global demand, at a little over US$200 billion, for ICT exports. Mr. Opertti identified the global ICT growth sectors as Information Technology Outsourcing, Knowledge Processing Outsourcing and Business Process Outsourcing.
Senator, the Honourable Vasant Bharat, Minister of Trade, Industry & Investment recalled that in Trinidad and Tobago “We have long ad nauseum and ad infinitum spoke of the diversification of the economy but in reality the possibilities are limited”. However, he continued on a hopeful note that in spite of some of the constraints of our developing telecommunications infrastructure and insufficient skilled employment, that our constraints are not insurmountable and that ultimately it is a matter of the nation’s will to succeed.
Mr. Tewarie, addressed the need to develop the ICT sector not only for domestic consumption but also for export, in order to mitigate the effects of external shocks to the nation’s economy and to create greater economic diversification. Mr. Tewarie cited the lack of confidence amongst our service providers as one of the recurrent constraints in increasing services exports. To counteract this “fear of failure, in an unforgiving society”, he believes that the formation of sector associations is needed and particularly an umbrella ICT sector association or increased membership in the Information and Communications Technology Society.
Ultimately, as Dr. Harsh Muthal of Tholons expressed, strategic planning must factor in the worldview and national mindset of a society when devising new developmental strategies and this Global IT Services Market Strategy has aimed to do just that.