“The key sector where India-central Europe business partnerships and collaborations will gain significance is IT and ITeS sector,” the report — India and Central Europe: Harnessing Business Complementaries — compiled by the Federation of Indian Chambers of Commerce and Industry (Ficci) said.
“The size of the strategically located Turkish IT market is forecast to increase from $7.9 billion in 2012 to $14.4 billion by 2016, making it one of the fastest growing in emerging Europe,” it said.
“A dedicated talent exchange programme for transfer of skills between India and Turkey will also be initiated as part of the overall plans. Indian companies would do well to note that while the large companies in Turkey have planned and invested in ITeS, the SME sector could offer new business opportunities,” it added.
In keeping with India’s core strengths in the IT and ITeS space, major Indian firms in that space are scouting for business opportunities in the central European region.
“A few such ventures have already gained great traction. There are indications that eastern Europe is fast becoming a go-to location for Indian IT players both for talent and for the captives that dot the region,” it added.
Investment ties are also deepening in the pharma space. For instance, Romania is one of the foremost central European countries to deepen partnerships with the Indian pharma industry for research and development of new drugs.