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Ukraine’s Billion Dollar IT Industry Is Most Promising

February 17, 2012

Annual value of services provided by Ukrainian IT industry equals USD 1.5 billion with 80 percent of those services being exported. The estimated annual growth of Ukrainian IT industry is 30-40 percent. The Prime Minister of Ukraine Mykola Azarov made these statements during the meeting of the Cabinet.

Ukrainian IT industry is the fifth largest in Eastern Europe and the Cabinet of Ministers of Ukraine is currently working on the ways to assist the development of IT industry in the country. Such initiative followed the February 2 meeting of Mykola Azarov with bloggers. The high official highlighted the need for the government to actively support the new promising industry.

Ukraine produces a significant number of IT professionals, taking up the 4th position in the world in this regard. The country follows the USA, India, and Russia. Not only Ukraine shows top results in quantity, Ukrainian IT professionals are also considered to be among the most qualified. While Indian and Chinese IT professionals are known for precise execution of assignments, Ukrainian IT professionals are valued for their creativity, analytical skills, and healthy criticism.

Currently, Ukraine is one of the world centers for offshore programming, or outsourcing. Almost 1,000 outsourcing companies are registered in Ukraine. They provide services to numerous international companies, e.g. Microsoft (some 700 Ukrainians work in the Seattle office of the world’s top IT corporation). In 2010, Ukrainian IT outsourcing services industry involved 18,100 specialists.

Improved regulation of IT business in Ukraine, introduction to the Ukrainian legislation of the legal term intellectual property, as well as favorable investment climate contributed to the growth of the IT outsourcing market in Ukraine.

According to the head of the Ukrainian State Agency for Science, Innovation and Informatization Volodymyr Semynozhenko IT industry produces 3 percent of the national GDP. Moreover, IT companies in Ukraine presently enjoy tax relief.

Curiously, several major names in the global IT sector are Ukrainian. The co-founder of the Apple Computer, Inc. Steve Wozniak is of Ukrainian origin. Furthermore, Max Rafael Levchin, a co-founder of the revolutionary online payment system PayPal, comes from Kyiv.

Source: wnu-ukraine.com

Tags: IT industry