Nantong, a prefecture-level city in Jiangsu province of China, has invited the Indian IT/BPO outsourcing industry to tap growing opportunities.
Speaking at a seminar organised by the Confederation of Industry (CII), and China Nantong (India) Investment and Trade Cooperation, Nantong Municipal Government Deputy Mayor Shan Xiaoming welcomed Indian IT/BPO Industry to invest in the outsourcing sector in Nantong.
“China’s industrial co-operation and government coordination have made Nantong an industrial hub. The city is one of the fastest growing coastal cities in China, well connected by air, rail, and road. Nantong is one of the most important commercial, trade, financial, tourism and logistic centres of China,” she said.
Xiaoming stressed on the massive opportunity for Investment in Nantong, especially in eGovernance and big data, which has become highly relevant with Nantong attaining the status of a smart city.
Foreign trade between Nantong and India during 2014 stood at $606 million, out of which $97 million was import and $509 million was export. The China Outsourcing Market is expected to grow at 18 per cent to 25 per cent CAGR to an estimated $240 billion.
Presenting the industrial prowess of Nantong, Director of Nantong Bureau of Commerce Gu Shuying said the city has some of the finest industrial zones such as Nantong Binhai Park, Nantong Economic and Technological Development Area, China Singapore Zone and Nantong Export Processing Zone.
KPMG Advisory Services Director Arun Nair, who spoke on the Indian Outsourcing Industry, said India stands out as the most preferred outsourcing location with a share of 55 per cent in the global outsourcing market.
“Indian IT/BPO Industry’s total revenue of $130 billion in FY2014 contributed eight per cent to the Indian economy and is expected to reach $150 billion in FY2015. India has about 15,000 IT/BPO firms with 20 large-size players contributing 60 per cent of the total revenue,” said Nair.
Global customers Mindtree Corporate Strategy and Sales Excellence General Manager Sanjeev Babel said despite having invested for ten years, Indian IT-ITeS industry mainly serves global customers from China.
“There should be a concerted effort to enable Indian IT-ITeS industry to play a larger role in servicing Chinese companies as well. China is a powerhouse in manufacturing, while India is the undisputed global leader in outsourcing which makes the two countries ideal partners on a global scale,” he said.