Dubai's IT companies look to Indian market

Global economic downturn makes it important for IT firms to look to India - DIC.

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By  Joanna Hartley Published  February 15, 2009

IT companies in Dubai are being encouraged to take part in a new government initiative that will support them to explore business opportunities in India, it was announced on Sunday.

Dubai Internet City (DIC) has teamed up with the Dubai Export Development Corporation (DEDC) to promote the initiative, which provides exporters with services that enable expansion into foreign markets.

The joint venture was signed last September and is now being actively promoted, an event to encourage IT firms to look to India was attended by 30 senior executives on Sunday.

Malek Al Malek, executive director of DIC said at a time of slow economic growth it was important to look for new business opportunities.

"Our partnership with the Dubai Export Development Corporation is an important way of creating a forum to bring together ICT companies that are keen to take advantage of export opportunities in India, a country whose economy has been steadily growing for two decades and where GDP is expected to continue to grow by approximately seven percent in the coming year, even in the face of the global slowdown."

IT industry figures show that there are 40m internet users in India with an expected end-user spend of $110bn by 2012.

Meanwhile, India's foreign direct reserves are the world's fifth largest after China, Japan, the EU and Russia, the country has an expected IT infrastructure growth of $246bn by 2012.

"The current economic environment will impact export trade activities globally but we believe that given India's robust growth over the past decade, the economy is resilient enough to even bring back investors that previously withdrew their businesses from the market,” added Engr Saed Al Awadi, CEO of DEDC.

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