Services trade needs innovation: Mittal

Technology can move, but people cannot. This is where Asia should tap its biggest asset "" population to score over the human resource-short western World.

Addressing the HR Conference 'Emerging Asia- An HR agenda' Som Mittal, president and CEO, HP Global Soft India said that to do that Asian countries should step up innovations in the ways of trading in services.

The issue gains in importance as the trade in services which is now only a minor part of the global economy has the potential to grow exponentially.

He said the growth will follow as services is more than double that of trade in manufacturing.

"While manufacturing contributes $10 trillion to the world economy, it contributes 62 per cent to the global trade. At the same time, services contribute $21 trillion to the global economy, but makes up only seven per cent of the global trade," said Mittal.

One factor is that the aging population needs to be serviced and this is an opportunity for India, said Mittal, adding that by 2013 India can be a major player in providing services to the developed countries.

Citing an example, he said today only 30 per cent of the consultations with doctors in the US is face-to-face. It is in such a situation that countries like India can gain from.

K V Kamath, CEO, ICICI Bank who inaugurated the conference was presented the Trailblazer's Award (CEO category) for 2004.