singapore, india, work, shared, services, outsourcing
Singapore, India can work together on shared services, outsourcing
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There is considerable potential for Singapore and India to work with each other on shared services and business process outsourcing (BPO), Singapore's Education Minister Tharman Shanmugaratnam has said during a telecom event.
He says while India is leading in the global BPO market, Singapore can still be a natural partner for India.India is the leader in the global BPO market, which is expected to hit US$176 billion by 2008. Singapore may be a small player, but is still the second fastest growing hub for outsourcing by US companies.
According to a recent US government report, American MNCs' offshoring to Singapore has grown 22 percent per year over the last decade, compared with 23 percent for India.
Mr Tharman said, "We are taking a growing slice of the high value-added segment of the shared services and BPO services. It is a business that plays to Singapore's strengths -- our extensive physical connectivity, our trusted business environment, and the fact that we are a centre for human talent in Asia."
Mr Tharman says the launch Wednesday of a major undersea cable linking Singapore and India will help spur development in the BPO space, as well as other economic opportunities that rely on efficient and fast connectivity. Indian phone operator VSNL, which owns the cable, agrees.
VSNL Singapore chairman Subodh Bhargava said, "India is emerging as a very large BPO, so is Singapore, where at times they even back up each other. A lot of South Asian BPO report to Singapore as a regional headquarters. A lot of decision-making is here." The Tata Indicom Cable will increase Singapore's connectivity to India by 60 percent. It will also increase Singapore's connectivity to the world by over 20 percent, strengthening its position as an Asia-Pacific telecom hub.
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