Egypt named top outsourcing destination

Egypt was awarded the title of Outsourcing Destination of the Year at the National Outsourcing Association's 2008 Awards held in London, beating rivals Philippines and Romania to the accolade, reports Market Watch.

The CEO of Egypt's Information Technology Industry Development Agency, Dr Hazem Abdelazim, received the award on behalf of his government.

"This award recognises the vast progress Egypt has made in the outsourcing market," says Abdelazim. "Its young population, a large multilingual workforce, a solid infrastructure and a competitive cost structure is fortified by unequivocal government support, making Egypt a compelling destination for outsourcing services."

Chiang Mai Business Centre, a private company under the real-estate company V Group, plans to establish the Chiang Mai Software Technology and Outsourcing Centre and transform Chiang Mai into the technology development hub of northern Thailand, says The Nation Technology.

During the initial stage of operations, the Chiang Mai Software Technology and Outsourcing Centre is expected to generate at least 5 000 jobs for the country.

Business development director Akarapong Phongsuwan says the centre will house a 23-storey building for the 300-rai Chiang Mai Business Park which comprises an animation and multimedia centre and an outsourcing centre.

The Business Processing Association of the Philippines (BPAP) says revenues could surpass targets next year as US companies seek to cut costs by transferring functions overseas, states Business World.

By 2010, outsourcing is expected to grow to a $130 billion global industry.

The BPAP expects to service around 10% of this market by that time, with the Philippines as the world's second largest outsourcing destination next to India.