First Source, the BPO wing of ICICI bank has established a BPO in Buenos Aires since october 2006. This is their first-ever venture in Latin America. They employ 360 Argentines and do work in telecom sector mainly. They have plans to expand and diversify operations including in financial services and increase staff strength to 500. There is only one Indian , Mr Tarak Ghosh, who is the chief of the BPO operations.
Argentina has one of the highest literacy rates ( 97%) and low cost of operations. The Argentinian industry and business are diversified and have depth. The economy has turned around and has been growing around 9 % in the last four years. These strengths make it an ideal country for entry of more Indian IT companies, who are now entering Latin America seriously.