India keen to tap further into burgeoning Middle East market [Gulf News (United Arab Emirates)]
(Gulf News (United Arab Emirates) Via Acquire Media NewsEdge) Dubai: To tap the fastest growing information and communications technology market in the Middle East, Africa and South Asia, 38 Indian ICT companies under Electronics and Computer Software Export Promotion Council (ESC) are participating in Gitex this year. There are a total of 60 Indian companies taking part.
The Electronics and Computer Software Export Promotion Council, an autonomous body under the Indian Ministry of Communications and IT, accounts for 18 per cent of India's total exports.
Sanjay Verma, India's Consul General in Dubai, inaugurated the India pavilion.
"The Middle East is one of the fastest-growing ICT markets in the world and India has a great stake in the booming market as Dubai is a regional hub," Kamal Vachani, regional director for ESC Middle East, told Gulf News.
He said India's export of consumer electronics goods registered a growth of 16 per cent during the year 2012-13 over 2011-12. In value terms, he said India's export of consumer electronics during 2012-13 is estimated to be $296 million (Dh1.08 billion) up from $256 million estimated in 2011-12.
Middle East countries have emerged as the second top destination for India's export of consumer electronics during 2012-13, which stands at $81.48 million, registering a growth of 13 per cent over 2011-12 when the figure was estimated to be $72.29 million.
Total electronics exports to Middle East countries during 2012-13 stood at $1.67 billion while exports of software and related services stood at $1.85 billion. IT exports from India registered around 12 per cent growth last year and expect the same this year despite the economic slowdown in US and especially in Europe.
According to Kuwait Financial Centre (Markaz) latest report, the ICT spending for the period 2013-2015 is expected to be about $40 billion in the UAE, of which approximately $30.4 billion will be in communications.
Vachnai said that the region is experiencing faster growth than other markets and has become the preferred destination for investors and businesses.
The major item of India's consumer electronics export to Middle East countries are loud speakers, electronic watches / clocks, CTV cameras, public address systems, video CD's, audio video players etc.
"The event provides growth opportunities for the participating firms to have joint ventures and marketing alliances with the regional companies," Vachani said.
To boost bilateral trade with the regional ICT companies, ESC is also organising an India IT show in Mumbai from November 26-27.
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