This week I’ve been in India, taking part in the country’s flagship conference for business process outsourcing (BPO) and legal process outsourcing (LPO) firms – NASSCOM BPM.
The event provided a great platform to further our aim of positioning Scotland as the preferred location for businesses in the BPO and LPO industry.
The financial and business services sector is worth around £17 billion to Scotland’s economy every year. It’s a major contributor to our inward investment figures and accounts for around £3.2 billion in annual export activity.
It’s a rapidly-growing sector – legal process outsourcing, for example, is currently worth around £600 million worldwide and growing at around 30% a year.
Having a presence at events like NASSCOM is vital if we’re to make sure Scotland continues to claim its share of this incredibly lucrative market.
In the past week I’ve met with representatives from some of India’s top BPO and LPO companies, including existing investors Hinduja Global Solutions and NewGalexy.
Those I haven’t met in person we’ve reached in other ways – through Scottish experts presenting panel discussions at the conference and through interviews with key Indian media outlets.
As a result, Scotland has been presented to some of the most important existing and potential business contacts in India with our key messages delivered directly to a vital target audience.
Scotland is an ideal partner country for India. We offer excellent opportunities in key sectors where India‘s rapid development and economic growth has led to increasing demand – education, for example, and healthcare.
We will also watch with great interest as India’s banking and insurance sectors continue to expand.
Scotland already has a strong relationship with some of the largest companies in India, and inward investment from those companies now supports around 5,000 jobs.
I don’t expect to return to Scotland and immediately see an upsurge in activity with Indian financial and legal services firms, but we have at the very least planted some more strategic seeds.
And from those I’m sure we’ll see future relationships start to grow.