Sergey Kartashov, the CEO of Generation Partners Ltd., predicted the future of Ukraine’s IT sector as a new international IT hub. Generation Partners is a Cyprus-based asset management company. The focus of the company is to attract major investors by exploring the potential of IT startups. Sergey Kartashov expressed that Ukraine had all the chances to become an international IT development center. He focused on major areas in this regard.
Sergey Kartashov, the CEO of Generation Partners Ltd., predicted the future of Ukraine’s IT sector as a new international IT hub. Generation Partners is a Cyprus-based asset management company. The focus of the company is to attract major investors by exploring the potential of IT startups. Sergey Kartashov expressed that Ukraine had all the chances to become an international IT development center. He focused on major areas in this regard.
Human Potential of Ukraine
The Ukrainian universities have been graduating at least 15000 IT students each year. The educational system of Ukraine has produced excellent results in recent times. There is a constructive competition among the educational institutes to produce best results. The IT graduates of Ukraine are highly professional, productive, and attentive. The CEO of Generation Partners said, “Ukrainian schools fight for the right to be called the best.” The demand for Ukrainian programmers has significantly increased.
Moreover, several Ukrainian IT teams have created their own business. The best examples in this regard are RefaceAl and Kwambio. RefaceAl released the Reflect app last year. Elon Musk, the founder of SpaceX and Tesla Motors, shared the results of the app on his Twitter account. The human potential of Ukraine in the field of IT is a positive sign for future IT development in the country.
Lack of Legislation
A huge number of Ukrainian IT specialists are working in international IT companies because Ukraine has not yet formed legislation related to IT development. However, the Ministry of Digital Transformation of Ukraine has recently made an important move. The Ministry allowed Ukrainian IT companies to hire foreign IT specialists. The government promised to issue residency permits to 5000 foreign specialists after the end of the COVID-19 crisis.
Cyprus has made its own IT industry due to its IP-Box regime. Many Ukrainian IT teams relocated to Cyprus to work in a favorable environment. The Ministry showed interest in developing its own IP-Box regime. According to Sergey Kartashov, the Ministry issued a proposal at the beginning of 2020 related to the formation of IP-Box. It will help the country to attract major investors. New companies will also move to Ukraine after the introduction of IP-Box. “If such financial benefits are introduced in Ukraine, the country has all the chances to become a new world-class IT hub,” said Generation Partners CEO.
Future Predictions
Cyprus became a proper IT research center due to IP-Box. The legislation improved the economy of the island as more companies started operating their business there. After the introduction of IP-Box, Ukraine will have full-fledged IT parks. The economy of the country will significantly improve as more companies will start operating their businesses in those IT parks. It will also attract major investors of the country. The success of Ukraine in the field of IT development is dependent on the time and the role of the government. The government needs to make significant efforts to advance the reforms as soon as possible.
IT specialists in Ukraine will also play a crucial role in the future. The arrival of foreign IT specialists will fill the shortage of senior IT specialists in the country. The local developers will also get an opportunity to move their level up. Ukraine has an open opportunity to advance in the field of IT development due to its excellent human potential and educational institutes.
