Latin America took in less than 10% of the US$200bn global outsourcing industry revenues generated in 2010, but the region has strong prospects to grow in the sector, according to the Inter-American Development Bank (IDB).
"Latin America's favorable conditions for increasing its participation in the international services market include its well-known economic and political stability, skilled human resources, and government support," the bank said in a statement.
In a move to attract more worldwide attention to the region's outsourcing services, IDB is now holding the first Latin American and Caribbean Forum on Offshoring and Outsourcing, dubbed OUTSOURCE2LAC, in Montevideo, Uruguay.
The event - sponsored by IDB's Integration and Trade Sector, Uruguayan exports and investment promotion agency Uruguay XXI, and consulting firm Tholons - will be attended by entrepreneurs from 15 countries throughout Latin America and the Caribbean, India, the Philippines, the US and Europe.
The idea is to provide entrepreneurs the opportunity to meet with potential strategic partners for outsourcing operations. The forum will also provide technical support and matchmaking services for business meetings to the more than 400 business and service sector representatives attending the forum.