The Electronics and Computer Software Export Promotion Council (ESC) will be organizing Business to Business (B2B) meetings between Indian and Latin American ICT companies later this week.
According to a top company executive the effort is to catalyse hand holding among them to pave the way for greater level of investment, trade, technology sharing.
The event will take place on 3-4 August in New Delhi on the sidelines of India-Latin America Conclave (LAC) being organized under the umbrella of the Ministry of Commerce and Industry, in association with an industry body, ESC and few other export promotion councils. And this will trigger discussions on various verticals that are of common interests to India and LAC. Electronics hardware, IT and related domains’ B2B meetings and other deliberations will be exclusively curated and anchored by ESC.
“We expect a lot of business deals taking place particularly in IT and hardware, going by the interest shown by businesses from India and the LAC, particularly from countries like Brazil, Peru, Dominican Republic, Mexico and Chile, which have confirmed their participation at the B2B and expressed desire to have extended business negotiations with their Indian counterparts,” says Sandeep Narula, Chairman, ESC.
He further said that ESC, over the years, has built a large number of stakeholders in the LAC region through INDIASOFT, and Hardware Shows, which are held annually being participated by ICT businesses from the region in large numbers.
ESC chairman said that most of the countries in the LAC region are focusing on IT and hardware sectors and are engaged in capacity building in these segments more than ever before, brightening India’s prospects for not only bagging large software contracts but also by integrating with their supply chains.
For instance, countries like Brazil and Peru have huge demand for hardware components, which they are now sourcing from countries like China, Vietnam, South Korea, etc. Brazil’s ICT market size was US$45 billion in 2022, followed by Peru with a market size of US$ 28 billion. India can not only access this huge market, but can use LAC for near sourcing to cater to the US ICT market.
India’s overall export to LAC has reached US$22.41 billion in 2022-23, an increase of impressive 19% over the previous year. “ Our effort should be to push IT and hardware exports to LAC as the fourth largest segment after automobiles, pharmaceuticals and chemicals and textiles; we have the potential to chase that goal,” says Narula, adding that ESC has been drawing up strategies to up India-Latin America engagements in the digital space.