Trump travel ban, opportunity for IT, techno industry | Daily News

Trump travel ban, opportunity for IT, techno industry

Virtusa Chairman Kris Canekeratne and Virtusa Vice President Madu Ratnayake.
Virtusa Chairman Kris Canekeratne and Virtusa Vice President Madu Ratnayake.

 

The proposed travel ban and work visa restrictions in USA if imposed by President Donald Trump, could turn out to be a golden opportunity for the IT and techno industry,Virtusa Chairman Kris Canekeratne said in Colombo yesterday.

He said that the ban if imposed would mean that fewer foreigners would be working in USA and some of the existing foreign employees may have to exit USA. “However unlike other fields of businesses, US companies will need the services of IT professionals for their companies. Demand for technology services cannot be fulfilled by US labour within the United States.”

“This means they will reach out for talented technology professionals globally in Techno and IT fields. If this happens both Sri Lanka and Indian companies would get more businesses as work will shift out of America.”

He said that in addition they will also get opportunities in Japan and Europe.

Canekeratne said that VirtusaPolaris, following its acquisition of Chennai-based IT firm Polaris is now looking at a major expansion in the next three years. “This means that more centers will be opened and more than 3,000 new jobs would be created in both India and Sri Lanka.”

He said that due to high mobility use today the world is going through the fourth industrial revolution which was revealed at the last World Economic Forum. “One of the key drivers of this is mobility.”

He said that due to companies switching on to mobility and use of computers new areas of opportunity has been created to provide security for online transactions, clouds and storing of date.” He also said that today there are over abundance of assets in the world and he sighted UBER, Air B&B, Venmore as examples.

He also said that they also recognize and promote staffers especially in their Fintech Lab who come out with new ideas and innovation. “This is how we have developed a system in USA where farmers could hire tractors for long term use from banks on lease.”

“The tractor is equipped with tracking divers and sensors and as soon as the lease lapses the tractor too would be immobilized.”

“This is also a clear example of making use of abundance of assets.” “Revenue for the third quarter of fiscal 2017 was $217.2 million, an increase of 3.4% sequentially and 44.2% year-over-year. On a constant currency basis, third quarter revenue increased 4.2% sequentially and 48.6% year-over-year. . “This is very much higher than the global industry growth which was flat in 2016,” Virtusa Vice President Madu Ratnayake said.

 


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