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In 2014, production of IT services in Belarus is set to exceed $1bn

Twenty five percent growth is not bad at all

By Victor Mishin

In 2014, production of IT services in Belarus is set to exceed $1bn, as predicted by Yevgeny Radionik, Head of the UNITER Investment Company’s External Communications Department, speaking at the 11th International Forum on Banking Information Technologies — BankIT

Belarus’ IT-industry to preserve its growth potential in future
Belarus’ IT-industry to preserve its growth potential in future

Belarus’ IT industry looks set to continue growing steadily, with Mr. Radionik underlining, “Production of services should exceed $1bn this year, demonstrating a 24 percent increase.” By 2018, total IT services in Belarus should generate around $2bn annually. “Among the key trends will be transition (by some companies) to the business-to-consumer model (B2C) and reduction of profitability for firms using the business-to-business model (B2B),” Mr. Radionik adds. He believes that outsourcing will soon exhaust its growth potential, reducing in popularity: a decade ago, such firms showed profits of around 100 percent but are now achieving no more than 15-25 percent.

For Belarus to enjoy successful IT services development, the country needs to set up venture foundations, while increasing the number of public-private partnership projects in digital healthcare and digital logistics. Mr. Radionik believes that industry players are needed to develop growth strategy and legislation. He is convinced that the private sector must encourage stability and reliability, to gain customer loyalty.

Certain opportunities have opened up for banks. “Primarily, banks can co-finance public-private partnership projects in the IT sector and offer loans to IT companies for implementing B2C projects. It’s extremely important, as quite a few companies create B2C solutions but aren’t yet ready to offer these to the market because they need a partner with whom to share financial risk,” says the expert.

This year, BankIT gathered over 1,200 participants — representing the banking industry, IT companies and state-run enterprises. Speaking at the opening ceremony, the Deputy Chairman of the National Bank’s Board, Sergey Dubkov, noted that the forum’s programme had been transformed, with the floor handed to representatives of business circles, banks and IT companies.

Participants of the forum discussed strategic issues concerning the development of the Belarusian IT market and the application of new technologies within the banking industry. In addition, focus was given to the latest instruments enabling effective data protection, and fraud and money laundering prevention.

The event was organised by the National Bank, the Infopark Scientific-Technological Association and the Association of Belarusian Banks.
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