Why Ukraine goes all in on tech to rebuild its financial system

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Why Ukraine goes all in on tech to rebuild its financial system 1

As we speak, the entire world is speaking concerning the Ukrainian individuals, 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 likely one of the most vital sectors of the Ukrainian financial system. Due to this fact, investing in Ukraine’s tech sector has grow to be an funding within the nation`s rebuilding.

The tech sector is a robust driver of the Ukrainian financial system. I.T. providers exports introduced in $2 billion through the first quarter of 2022, in keeping with I.T. Ukraine’s analysis. 

In February, the Ukrainian I.T. trade set an unprecedented report of exports at $839 million. Even after the full-scale invasion, the sector maintained 96% of providers exports in comparison with March 2021.

In keeping with the Nationwide Financial institution of Ukraine, the nation exported $3.74 billion price of I.T. providers within the first half of 2022, up 23% from the identical interval a 12 months earlier. The I.T. trade paid greater than $1 bln in taxes and charges within the first half of the 12 months. In the meantime, different exports akin to power and agricultural merchandise declined.

That’s why we name Ukrainian I.T. corporations and their workers the heroes of the financial entrance. 

Turning Ukraine into the largest I.T. hub in Europe

Our aim is to convey Ukraine into the highest 5 nations with the best variety of startups per capita in Europe. In the intervening time, 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. 

Considered one of our key initiatives for the trade is a novel tax and authorized area known as Diia.City–a authorized atmosphere with the bottom taxes on tech companies within the area. Greater than 300 corporations have already joined the scheme, significantly EPAM Ukraine, SoftServe, Luxoft Ukraine, Reface, Revolut, and others. 

We’re additionally launching an e-residency mission for I.T. specialists from all over the world. This can enable them to register a enterprise in Ukraine with aggressive tax circumstances 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. training, “digital resistance”, and Ukrainian I.T. model consciousness. 

Creating a VC and startup ecosystem 

To stimulate VC and startup ecosystem growth in Ukraine, now we 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 will multiply the monetary capability of startups which have already attracted funding.

We’re additionally engaged on a global 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 enhance the variety of enterprise angels who’re capable of put money into startups. 

Moreover, we need to implement the ІР Courtroom and assure the free selection of litigation to make Ukraine probably the most enticing nation for main world buyers and tech giants. We need to create a world platform for concepts that gives the circumstances for launching probably the most bold worldwide initiatives from Ukraine with complete assist from the state. 

Digital resistance

Considered one of our high priorities is digital resistance. Navy Industrial Parks are particular financial zones for the creation and growth of military-grade tools and cyber defense-related enterprises and startups. We give attention to stimulating technical and monetary assist for the event and operation of army robotics.

As we speak, it’s essential for the state to assist startups that produce drones, present cyber safety, and develop army applied sciences. In consequence, we can decrease casualties amongst our army and win the struggle.

We anticipate the event of army tech will stay a precedence for a number of years. Inside our ministry, along with the Ukrainian Startup Fund, now we have already launched a brand new grant program of as much as $35,000 to assist military-tech initiatives. Profitable initiatives additionally obtain entry to the very best mentors and specialists. Some 100 grant purposes have been submitted within the fields of protection, cyber safety, infrastructure reconstruction, training, and well being care.

Investing in Ukrainian I.T. 

We’re working to rework Ukraine into the biggest IT hub in Japanese Europe with the quickest rising GDP, industrial parks, and its personal security-focused “Silicon Valley.” 

Our intention for our authorities businesses is to function like I.T. corporations, making fast choices, being adaptive, and specializing in massive information. No different nation on the planet has applied probably the most daring applied sciences at each stage of the state stage: That is an experiment. Nonetheless, we’re able to this digital revolution with the invaluable assist of the worldwide group.

By holding the financial system going now, investing in Ukraine’s future, and supporting the I.T. corporations that convey added worth, we will 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 pinnacle of the Diia Metropolis mission.

The opinions expressed in Fortune.com commentary items are solely the views of their authors and don’t mirror the opinions and beliefs of Fortune.

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