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Right this moment, the entire world is speaking in regards to the Ukrainian folks, their bravery, and resilience to face for a peaceable future. So long as Ukraine heroically defends the values of democracy and humanity, its financial system should proceed to develop.
The I.T. trade is among the most vital sectors of the Ukrainian financial system. Due to this fact, investing in Ukraine’s tech sector has turn into an funding within the nation`s rebuilding.
The tech sector is a strong driver of the Ukrainian financial system. I.T. companies exports introduced in $2 billion through the first quarter of 2022, in accordance with I.T. Ukraine’s analysis.
In February, the Ukrainian I.T. trade set an unprecedented document of exports at $839 million. Even after the full-scale invasion, the sector maintained 96% of companies exports in comparison with March 2021.
In response to the Nationwide Financial institution of Ukraine, the nation exported $3.74 billion value of I.T. companies within the first half of 2022, up 23% from the identical interval a yr earlier. The I.T. trade paid greater than $1 bln in taxes and costs within the first half of the yr. In the meantime, different exports equivalent to vitality and agricultural merchandise declined.
That’s why we name Ukrainian I.T. firms and their workers the heroes of the financial entrance.
Table of Contents
Turning Ukraine into the largest I.T. hub in Europe
Our aim is to carry Ukraine into the highest 5 nations with the best variety of startups per capita in Europe. For the time being, Ukraine has 75 startups per 1 million inhabitants. We’re doing our greatest to develop this quantity to a number of hundred by reworking the Ukrainian I.T. trade.
Certainly one of our key initiatives for the trade is a singular tax and authorized area referred to as Diia.City–a authorized atmosphere with the bottom taxes on tech companies within the area. Greater than 300 firms have already joined the scheme, significantly EPAM Ukraine, SoftServe, Luxoft Ukraine, Reface, Revolut, and others.
We’re additionally launching an e-residency venture for I.T. specialists from world wide. It will enable them to register a enterprise in Ukraine with aggressive tax situations and to run their companies in our nation with out being bodily current right here.
We nonetheless see potential–and demand–in Ukrainian I.T. companies creating their very own merchandise. We’ve got developed a complete technique along with companies to stimulate the event of our enterprise capital and startup ecosystem, I.T. schooling, “digital resistance”, and Ukrainian I.T. model consciousness.
Growing a VC and startup ecosystem
To stimulate VC and startup ecosystem growth in Ukraine, we now have a Ukrainian startup fund that helps early-stage startups with grants, acceleration, and vouchers for participation in worldwide occasions. By matching startups to grants, we are able to multiply the monetary capability of startups which have already attracted funding.
We’re additionally engaged on a world funding fund aimed to draw overseas funding capital. Enterprise angels coaching packages will enable us to enhance the extent of funding literacy about tech in Ukraine and improve the variety of enterprise angels who’re in a position to spend money on startups.
Moreover, we wish to implement the ІР Courtroom and assure the free alternative of litigation to make Ukraine probably the most enticing nation for main world buyers and tech giants. We wish to create a worldwide platform for concepts that gives the situations for launching probably the most formidable worldwide initiatives from Ukraine with complete help from the state.
Digital resistance
Certainly one of our prime priorities is digital resistance. Navy Industrial Parks are particular financial zones for the creation and growth of military-grade gear and cyber defense-related enterprises and startups. We concentrate on stimulating technical and monetary help for the event and operation of army robotics.
Right this moment, it’s essential for the state to help startups that produce drones, present cyber safety, and develop army applied sciences. Because of this, we can decrease casualties amongst our army and win the conflict.
We count on the event of army tech will stay a precedence for a number of years. Inside our ministry, along with the Ukrainian Startup Fund, we now have already launched a brand new grant program of as much as $35,000 to help military-tech initiatives. Successful initiatives additionally obtain entry to the perfect mentors and consultants. Some 100 grant purposes have been submitted within the fields of protection, cyber safety, infrastructure reconstruction, schooling, and well being care.
Investing in Ukrainian I.T.
We’re working to rework Ukraine into the most important IT hub in Japanese Europe with the quickest rising GDP, industrial parks, and its personal security-focused “Silicon Valley.”
Our purpose for our authorities companies is to function like I.T. firms, making fast choices, being adaptive, and specializing in large knowledge. No different nation on the earth has carried out probably the most daring applied sciences at each degree of the state degree: That is an experiment. Nonetheless, we’re able to this digital revolution with the invaluable help of the worldwide neighborhood.
By retaining the financial system going now, investing in Ukraine’s future, and supporting the I.T. firms that carry added worth, we are able to re-establish Ukraine’s prosperity and competitiveness.
The worldwide tech trade acknowledges our contribution to the safety of freedom and democracy all through the world. Now, they’re invited to guide Ukraine’s digital revolution.
Oleksandr Bornyakov is the deputy minister of digital transformation of Ukraine and the top of the Diia Metropolis venture.
The opinions expressed in Fortune.com commentary items are solely the views of their authors and don’t replicate the opinions and beliefs of Fortune.
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