Reksoft speaks at St. Petersburg International Economic Forum

Alexander Egorov, general director of software outsourcing services provider Reksoft, spoke on behalf of the Russian IT outsourcing industry at a roundtable discussion entitled "Innovation policy as a Russian anti-crisis programme foundation" at the 2009 St. Petersburg International Economic Forum.

Alexander Egorov noted that the Russian IT services export industry is one of the country's fastest-growing economic sectors. The high quality of Russia's technical education system, he added, combined with relatively low labour costs, creates a solid basis for high demand for Russian offshore services.

With more than $2bn in 2008 revenues from IT products and services (RUSSOFT research), the country has entered a list of top offshore services destinations, passing other promising development centres like China and Brazil.

As the international market demand for outsourcing is estimated to grow in the next 5 years to up to $1 trillion in 2013-2014, according to Gartner predictions, Russia has a chance to increase its share of income. Moreover, today's global economic situation is stimulating demand for offshore and nearshore projects, while the slight ruble devaluation against the dollar and euro is helping Russian outsourcing providers increase their margins and profitability.

However, Mr. Egorov emphasised that the Russian software industry requires government support to seize these opportunity. Local universities and ICT infrastructure development should receive increased attention as cornerstones of the IT industry.

He also stressed the importance of service providers, describing them as the first component in the evolutionary chain of any high technology sector, creating an ecosystem for local IT industry development and increasing the competitive ability of local companies, urging them to further expansion.

Additional information:

About Reksoft (http://www.reksoft.com):

Reksoft is an expert offshore software development services provider with a key focus on Telecommunications, Hospitality & Travel, and Financial Services sectors. Reksoft has been delivering software outsourcing solutions for the past 18 years, winning a loyal customer base of such leading enterprises as Aastra Telecom, Airwide Solutions, Dirol Cadbury, First Data International, Francotyp-Postalia, Fujitsu Siemens Computers, Mazda, Philip Morris, Springer Business+Science Media, Swisscom Mobile, TietoEnator, T-Systems. Currently, the company counts 400 employees and has completed the FY2008 with $ 27,5 mln.