Yevgeny Radionik, an executive at investment firm UNITER, said this week at the 11th International forum on banking technologies, or BankIT, that output from information technology services in Belarus is expected to rise above the $1 billion mark.
The nation's information technology (IT) industry is expected to continue growing in the future. By 2018, it is expected to reach $2 billion in production.
“The key trends will be the transition of some companies to the business-to-consumer model (B2C) and the reduction in profitability of companies using the business-to-business model (B2B),” Radionik, who heads up the external communications department at UNITER, said.
He also noted that the outsourcing model of business is slowing and will continue to do so. In the past five years, outsourcing of IT services has dropped by up to 75 percent at some companies.
According to the Belarus press service, the success of IT growth will depend largely on venture capital foundations and partnership projects in digital health care and logistics. These partner projects provide banks with an excellent opportunity to invest in IT companies and grow with them.
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme