IT-BPM industry poised for growth - SLASSCOM

The IT-BPM industry which has been well below its export revenue target of US $ 1 billion for many years is poised for steady growth and will reach the one billion dollar mark by the end of this year, Sri Lanka Association for Software and Services Companies (SLASSCOM) sources said.

SLASSCOM Chairman Mano Sekaram said SLASSCOM is confident the IT-BPM industry will achieve US$ 1 billion by the end of this year following the economic activities initiated by the government. Information Technology gains from the USA and the UK hoping to set up operations in the country will boost growth of the IT-BPM sector.

“There are many private and public sector initiatives in the pipeline this year and with more start-ups launching operations, the industry will receive a turbo boost,” Sekaram said.

The IT-BPM industry which aspires to be a US $ 5 billion industry by 2022 recorded an export turnover of US$ 850 million last year according to Central Bank figures.

“We have a dream of becoming a billion dollar industry. It seems an uphill task. However, we will reach that goal,” Sekaram said.

SLASSCOM hopes to have 1,000 start-ups and increase its workforce to 200,000 by 2022 with an export turnover of US$ five billion. Currently the Association comprises around 170 companies. The industry’s work force had grown by around 30 percent and revenue by around 150 percent during the past 15 years.

Sekaram said the industry expanded to what it is today without serious intervention. SLASSCOM has worked with universities and the Information Communication Technology Agency (ICTA) over the years to develop the IT industry.

“Sri Lanka is known globally not only as a cricket playing and tea producing country but also as a destination for outsourcing,” Sekaram said. Sri Lanka was chosen as a leading destination at the outsourcing conference in the UK for two consecutive years.

“Young entrepreneurs will be the next generation of growth and start-ups will be the next wave of growth. We need to nurture them. The IT-BPM Week in Kandy will help develop capacity among future entrepreneurs,” Sekaram said.

The Kandy IT-BPM Week 2016 which will be held from June 10-12 at the E.O.E. Perera Theatre in Kandy organised by SLASSCOM, the Export Development Board, the ICTA and the Ministry of Education. It is aimed at building regional capacity for inclusive growth in the country.

The program will showcase Information Communication Technology, entrepreneurial and business process management related knowledge sharing and awareness creation through thought leadership sessions and workshops for schoolchildren, exporters, entrepreneurs and university students.

The program will also comprise a Future Careers Program on June 10 at Ranabima Royal College and an Export Forum and Entrepreneurship workshop on June 11 at the Queens Hotel.

SLASSCOM Capacity Forum Head Subramaniam Muralidharen said given the infrastructure, connectivity and planned development in place, Kandy has the potential to be developed as a second tier city. The proliferation of ICT in provincial regions is the fastest way to develop marginalised areas. Growth has been concentrated for too long in the Western province.