IDB encouraging region to pursue outsourcing market

While the outsourcing industry accounted for more than $200 billion in global revenues in 2010, less than 10% of that went to Latin America and the Caribbean.

WASHINGTON DC, UNITED STATES, Friday April 15, 2011 – With technology driving outsourcing as a multi-billion dollar industry, Latin America and the Caribbean are being encouraged to seek a greater share.

In a release issued Thursday, Inter-American Development Bank (IDB) highlighted that while the outsourcing industry accounted for more than $200 billion in global revenues in 2010, less than 10% of that went to Latin America and the Caribbean.

However, the IDB expressed the opinion that the region has strong prospects for growth in the sector given its favorable conditions for increasing its participation in the international services market, including well-known economic and political stability, skilled human resources, and government support.

In an attempt by the IDB to foster the global services industry in the region, it is hosting the first Latin American and Caribbean Forum on Offshoring and Outsourcing “OUTSOURCE2LAC” in Montevideo, Uruguay, which began Thursday and continues today. 

The April 14-15 event is being attended by entrepreneurs from Latin America and the Caribbean, India, the Philippines, the United States, and Europe. It is being jointly organized by the IDB’s Integration and Trade Sector, Uruguay’s Agency for Promotion of Exports and Investment (Uruguay XXI) and the consulting firm Tholons.

According to the IDB, "OUTSOURCE2LAC" aims to introduce entrepreneurs from Latin America and the Caribbean to developments and global trends in the service industry and to opportunities available in the international market. The forum brings together representatives of firms and associations in the service sector from India, the Philippines, the United States, Europe, and Latin America to lead discussion panels attended by representatives of export and investment promotion agencies from more than 15 countries in the region. 

More than 400 business and service sector representatives from around the world are attending the forum, with more than 800 bilateral business meetings expected.

The opportunity has been created for meetings between potential strategic partners for outsourcing operations as the forum is providing technical support and matchmaking services for business meetings at no cost.

Click here to receive free news bulletins via email from Caribbean360. (View sample)