Wednesday, March 16 2005 14:40 Hrs (IST) - World Time -

Bangalore: Belgian IT company Capco today (Mar 16, 2005) opened its largest development centre outside Europe and plans to hire over 50 professionals this year to see India playing a core role in the firm's global IT operations.

Capco, which has invested $ 1 million in its India operations since June 2003, has about 100 people working at its centre, which was opened by the Crown Prince of Belgium Prince Philippe.

"We will continue to invest," Capco Board Member Philipe Gheikere said at a seminar on Information, Communication and Technology in Bangalore, during the official visit of the Belgian Crown Prince to the city.

The Bangalore centre provides management services, builds workflow tools for the finance industry besides supporting software for the IT consulting major for the financial services industry.

"When we compare the cost of the talent and space around the world, there is significant cost advantage in Bangalore than other places. It is more than 50 per cent, but the cost advantage is eroding due to increasing labour costs," he said.

Capco has development centres in Antwerp, Frankfurt and New York, but the Bangalore operations will play a core role in the firm's plan to develop its business by offering clients a more integrated value proposition and integrated IT operations.

Gheikere said that Capco was not doing Business Process Outsourcing (BPO) operations out of India, but more core work for its business.