The CEO of one of India’s leading IT companies has said that Europe remains key to his organization, despite Europe’s economic woes.

SD Shibulal, CEO of Infosys, told CNN’s John Defterios that Europe provided 23% of his company’s revenue.

“As far as we are concerned we continue to see Europe as a major market for us,” he said. “We will recruit 500 people in Europe alone in the next nine to 12 months. Europe is a good opportunity for us.”

He added that Western companies will need to innovate if they are to make the most of emerging markets.

“India has an emerging middle class of 300 million people, they want goods, they want services," Shibulal said. "So many corporations, not only from Europe, from anywhere else in the world, are looking at these emerging markets as growth opportunities.”

He added: “When a corporation comes to China and India to sell a product today, if you look at the products they are quite expensive. Countries like India are looking for products that are affordable, durable, relevant to the market.

“So corporations will have to create products which are relevant to the market.”