Delivering a keynote address on "IT Outsourcing to India" at a seminar jointly organised by the Norwegian IKT Association and embassy of India at Oslo in Norway last evening.

finance minister P Chidambaram said that the apprehensions about the jobs losses from IT outsourcing were unfounded.

To the contrary, more jobs have been created as a result of IT outsourcing, Chidambaram pointed out to prominent IT stakeholders attending the seminar.

The finance minister emphasised the unique fundamentals that had gone into making Indian IT industry among the world''s best. He pointed out that Indian IT industry exports crossed $37 billion last year and were likely to reach $80 billion by 2011.

India has been Norway''s first source of skilled professionals for past one year

During the seminar, acquisition of SPAN, a Bangalore-based IT company by Norway''s largest IT company EDB Business Partners ASA, was announced. Chidambaram personally congratulated the two managing directors and wished them further success. This is the largest ever IT acquisition by Norwegian IT companies in Asia involving over 500 IT professionals working with SPAN.

In his welcome address IKT director general Per Morten Hoff welcomed India-Norwegian synergy in IT sector and assured of his Association''s patronage to this trend. Other companies outsourcing to India from Norway such as TCS and Accenture also made their presentations at the seminar.

Chidambaram returned from his Norway visit this morning.