Outsource Investment to Bangladesh

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Outsource Investment to Bangladesh [Mar 22 2009 21:39:56]
Global market recession makes Bangladesh's software industry a very suitable harbor for outsourcing as many western and European companies shifted their focus on the country for low-cost IT services, sector insiders.

Bangladesh software export has achieved hefty growth in recent months, as more than 400 software and IT companies are exporting their services to around 30 countries in the world. President of Bangladesh Association of Software and Information Services (BASIS) Habibullah N Karim said, "Global economic downturn hastened export growth of our software industry." He also includes, "Bangladesh software industry will become a 500 million U.S. dollars export earning sector by 2013-2014 fiscal year (July 2013-June 2014) if the recent trend of robust growth continues,� Bangladesh fetched over 14 million U.S. dollars from export of software in the first five months of the current 2008-09 fiscal year with nearly 100 percent growth. The target set 30 million U.S. dollars of software export for the current fiscal year after the sector earned 24 million U.S. dollars in 2007-08 fiscal years which were 2.24 million U.S. dollars in 2000-01 fiscal years. Bangladesh has already become a large ground of potential human resources with bright propensity, quality and natural ability in software development during the last few years. Bangladesh approximately 20 billion taka (about 285.71 million U.S. dollars) software industry currently employs near 20,000 expert and semi-skilled professionals. Although a majority of the companies are exporting software services to the North America, recently there has been hopeful performance by a good number of firms in European and East Asian markets, mainly Japan. Following global companies interest about Bangladesh software industry, many local and foreign IT firms are investing for developing high-quality software taking advantage of low-cost work force here. Many global companies over the last few months to come and invest in the country as they think developing software here will help them to trim down their cost of operation and remain competitive in global market in the wake of economic downturn. Among the hundreds of export-focused companies at least 30 companies have been set up either as joint venture or as ODC (Offshore Development Center) with hundred percent overseas investments in the country in the recent past. The European Union has by now ranked the South Asian country as one of the top20 outsourcing destinations in the world. To meet the high quality standard of offshore jobs and meet the terms with the expectation of overseas clients, the companies in Bangladesh are rightly focusing on putting in place global standard practices and processes. New government vision to make digital Bangladesh by 2021 will also help local software industry to grow as it is expected to provide more budgetary supports like tax and duty cut to woo more investment in the IT sector. The Bangladeshi government presently provides 60 percent of the salary/allowance cost for recruiting interns (fresh graduates) by any software companies. Bangladesh is now connected to Submarine Cable Network South East Asia-Middle East-West Europe-4 (SEA-ME-WE-4), has already brought all of its major cities and towns under high-speed and low-priced fiber optic backbone. Bangladesh Software & IT Services Industry Makes an impressive Entrance in Outsource World New York 2008. The partaking of Bangladesh at the premier IT outsourcing exposition in USA named Outsource World New York created quite a stir. The Bangladesh deputation secured 107 qualified prospects from the Outsource World NY exhibition the highest so far from one exhibition.