The Brazilian Association of Information Technology and Communication (Brasscom) estimates the country’s revenues from information technology and communications will reach $430 billion by 2022, putting the country in the No. 3 position around the globe. Today, Brazil occupies the No. 5 position with revenues of $212 billion.

“We aim companies to use ICT as a development driver to grow,” explained Brasscom President Antonio Gil at last week’s Global IT Forum.

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Gil explained the association is conducting a study to point out how ICT could be implemented in 12 different economies sectors. The study is expected to be completed in about two months and will set short-, medium- and long-term goals.

Globally, the ICT market, excluding in-house IT, is predicted to generate $4.2 trillion by 2016, with the Latin America region expected to represent $453 billion in revenues. “Large emerging nations are mobilizing to accelerate the use of ICT in their economies,” explained Mauricio Borges, president of the Brazilian Trade and Investment Promotion Agency (Apex-Brasil).

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During his speech, Borges listed five factors that are critical to the success of ICT strategies: human capital and talent; infrastructure and connectivity; entrepreneurship; finance; and digital promotion and communication. “Our recommendation is that companies should focus on ICT as an enabler and on its utilization to the economy and society,” he noted.

When looking towards its 2022 goals, Gil highlighted the importance and coordination of the society’s more relevant players; enabling existing programs; the transparency and clear accountability for each program to ensure results; and access to the government and industry to facilitate decision making.

As for Brazil’s government, Rafael Henrique Moreira, coordinator at the Ministry of Science, Technology and Innovation, noted that the public sector has invested a lot through government incentive programs. He cited as an example that the Brazilian Development Bank (BNDES) has financed about $250 million, while Finep, a government funding of science and technology, has invested $120 million. “The four big pillars are international positioning of the country; innovation and entrepreneurship; social and economic development; and competitiveness,” Moreira said.

Although Brazil has posted strong improvements, there are still many things that need to be done. Dean Garfield, president and CEO of the Information Technology Industry Council, noted that country needs to address efforts toward taxes and regulatory environment and high skilled labor force, as well as infrastructure investment. “Low cost access to ICT has driven productivity and economic growth worldwide,” he said. “Brazil has made a lot of things to become competitive.”