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Wednesday, Sep 20, 2006

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Philippines seeks investment from Indian software cos

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New Delhi , Sept. 19

With the Philippines emerging as an outsourcing destination, the country is seeking collaborations with the Indian business community through investments in terms of venture capital, open source technology and setting up operations in the Philippines.

"We would like more Indian companies such as Wipro, Infosys, Satyam and others to set up its business process outsourcing units in the Philippines. BPO operations in the Philippines witnessed a quantum growth of over $1.7 billion and the country now accounts for six per cent of the global BPO market," said Mr Edsel T. Custodio, Undersecretary (Deputy Foreign Minister), Department of Foreign Affaires, Government of Philippines, at a B2B interaction organised by the Confederation of Indian Industries (CII) on Tuesday. He is leading a delegation of businessmen from the ICT sector.

He added that Nasscom had recently signed an MoU and few Indian companies such as IBM Daksh, ICICI One Source, Perosystem already have a presence in the Philippines.

"India accounts for 10 per cent of the global market of $300 billion in IT and ITES. So, there is a huge potential for both the countries to collaborate and increase their share in the world market," said CII Chief Information Officer, Mr Vikram Tiwathia.

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