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Economy and Business > India: Opportunity Destination to invest in the ITC and Biotechnology Sector

India: Opportunity Destination to invest in the ITC and Biotechnology Sector

2017/04/20 LORENA ROMO |

Last Friday 7th of April a business conference with yOptimizo and NQabogados took place at Casa Asia regarding the Indian emergent market. Led by the biotechnological and ITC sector, the Asian country is nowadays one of the most effective options to invest as a foreign company, as the speakers have stated.

Positive Numbers

The event began with welcome words by Amadeo Jensana, Economy and Business Director of Casa Asia, who reaffirmed India's boost as a country in a growth process. In this sense, highlighted that the ITC sector includes 10% GDP, the same percentage tourism holds in Spain.

After an encouraging introduction, Francesc Saez was given way, Executive Director of yOptimizo, technological company that works as a foreign business consultant who would like to settle in India. Saez began her speech asking the audience certain questions: “Has anyone travelled to India?” “Out of these, how many of you have travelled for business?”

Only 4 hands were raised in the room. This encouraged the CEO of yOptimizo to prove why we should all travel to India -and invest there-. After introducing its task in the country -the company he leads is India since 2010, where it has a branch office-, he began to present a series of data of interest for Spanish entrepreneurs.

Just like Saez stood out, India has tripled its GDP in 10 year, something that business people see as a unique fact in the world and that, therefore, presents the country as a market with future. We can't forget that half of the Indian population is under 35, which means that it is a market with need to spend as it was stated by Jorge Navarro, President of NQabogados. Also, according to certain studies quoted by Saez, India will be the most populated country in the world in 2022, overtaking China. Following these figures, it is presupposed that in 2050 it could even overcome the USA as a world power.

As well as statistics, Saez added 5 reasons to invest in India: talent -34000 university students are graduated every year-; an improvement in costs -Indian salaries involve 85% of savings-; mentioned emergent market; facilities -the government gives the green light to foreign investment, without any need for intermediaries or endless procedures-; and flexibility -it is such a large country that it offers many needs to be covered.

In parallel with the experience of yOptimizo, NQabogados is a legal cabinet devoted to company advice -especially small ones- to be successful in India, contacting them with financial funds or offering legal advice.

Investment requires thrill

Jorge Navarro, President of the entity, pointed out that his company has been in the Asian country since 2007 and even though it hasn't always been a stable development - "India is more complex than any European country", he pointed out- and seemed grateful with the place and happy to have turned to it. With his 10 years of experience and a branch in Mumbai as a guarantee, Navarro placed emphasis on the need to be thrilled by the country, recommending a trip "to know whether you like it or not". He liked it and thanks to this the country has given him good results. “India is a country where if you invest 1000, you will collect 10000”, he highlighted, due to the fact that life is much cheaper there. This is one of the reasons why Navarro advises to hire native staff: it will be cheaper than a Spanish worker -who will not adapt to the Indian lifestyle, but will probably expect the same conditions as in Spain-, as well as contributing to the work growth of the country and it will always be people who know the place better than a foreigner. However, he said that this staff must build loyalty with a good salary, because competence of other countries such as the United Kingdom, Australia or United States is high.

He also suggested the option of expatriate a worker of the Spanish headquarters, even thought we must always count on the fact that they must adapt to the country and this could take up to 3 years.

Ultimately, both speakers stressed that India is a good market to invest in due to its large population -with a great young presence-, its bureaucratic facilities and cost reduction; facts that were reaffirmed by their experiences in the Asian country. To know whether they were isolated cases or examples of a market with a high success rate is something we still don't know: it will be necessary to expect the future to talk for itself or take a plane and turn to it with enthusiasm like these two entrepreneurs did at the time.

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