Brazil to open new windows for Indian infotech firms

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Chennai: With the bilateral trade between Brazil and India poised to touch $ 35 billion in 3 to 4 years from now, the south American country presents a huge IT opportunity to Indian infotech companies in sectors like banking and financial technology, said Rakesh Vaidyanathan, management consultant, Jai group in his address on increasing bilateral trade possibility between India and Brazil at a recent seminar here.

Speaking more on unfolding opportunities in IT, he said when banking system of Brazil was battered by inflation-led crisis, the country took the tech-savvy path by setting up ATMs that now stand at handsome number of 1.7 lakh earning a third place in the global ranking of countries having maximum of ATMs. Brazil’s void in low-cost IT intervention in transforming legacy banking applications into IT enabled banking could be filled by Indian infotech companies, he said.

Reeling out the business opportunities for BPO segment, he said offshoring services focusing on non-anglo saxon population speaking Portugal and Spanish is a low hanging fruit opening vistas to Latin American market. Speaking about the agro market opportunities, he said robust formation of farm processing and food processing industries in Brazil could be leveraged by Indian counterpart companies as the two countries enjoy the same tropical climate.

Elaborating India’s small industry competitiveness vis-a-vis Brazil, Vaidyanathan said in India around 9,000 companies are listed in 23 stock exchanges against Brazil’s number of 500 companies. He opined that majority of midsized companies raise capital through internal accruals in the Latin American country where India can foster its capital finance model for business expansion and growth.