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SPIEF Attendees Foresee Russian IT Industry Shift Towards Emerging Markets

June 10, 2014

The main prospects for Russian information technology sector, an internationally competitive sector of Russia's economy with globally sough-after talent, lies in partnerships with emerging markets through developing innovation.

According to a media release, that was the message of some industry experts at the St. Petersburg International Economic Forum's (SPIEF) annual discussion on IT.

Kirill Filippov, Chief Executive of SPB TV, a major player in digital media solutions globally, stated that the best prospects for Russian IT sector are in developing opportunities with emerging markets through innovation and a geographically diverse strategy. "Russian IT companies present interest for emerging markets for a variety of reasons but the main one is that we offer unique partnership models with high quality products and services", said Mr Filippov. He highlighted that "there are great opportunities for IT industry in emerging markets for innovation because of better norms and regulations, unlike in Europe or North America, where the regulatory and normative environment slow down innovation which lead to losses in money, time and other things".

Valentin Makarov, President of RUSSOFT, Russia's national association of software developers, noted: "Russian software companies are well integrated in the most advanced convergence areas such as bio-, nano-, socio-, and automotive. We are present in all developed markets, which we have no intentions to leave. We are in an active propagation in the emerging markets too".

Sergey Plugotarenko, Director of the Russian Association for Electronic Communications (RAEC), a major IT industry association, who moderated the discussion, reported: "Russia's IT sector is most attractive for most venture investors, in fact, the industry received 80 percent of all investment deals in 2013, totaling USD 916 million just for the first 9 months of the last year." Furthermore, commenting on talent, he noted that "Russia's internet- focussed companies account for over 1,3 million people and this figure is only to rise".

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Source: Professional Services Close - Up

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