These countries face a demographic challenge and cost pressures to sustain their economic growth which is dependent on cutting edge technology and innovation, it said.
It identified the emerging sectors like clean technology, health and life sciences as thrust areas, and said Kerala IT industry could play a critical role in sustaining the competitiveness of these economies by offering cost competitiveness and quality solutions.
GTECH has drawn up a structural framework for deeper engagement with Denmark and Sweden.
As a first step, government delegations from both these countries visited Technopark and Infopark recently to showcase and identify the potential business areas for the Kerala-based IT companies.
The delegation mooted the idea of GTECH taking a delegation of CEOs to the Nordic countries to establish joint venture partnerships to tap buisness opportunities.
"The UK and the US markets are the current targets for the Kerala IT Industry. But with the economies of these countries slowing down, there could be a cut on the IT spend of companies located there. The need to look at newer markets has never been greater," said Anoop Ambika, secretary, GTECH.
"The Scandainavian countries present a fantastic opportunity for the SME's in Kerala to tap."
