Sergey Kartashov, the CEO of Generation Partners Ltd., expressed his views about the future of the IT development sector of Ukraine. He also forecasted the future of the country as an international IT development center. Generation Partners is an asset management company based in Cyprus. The main aim of the company is to attract investors towards the IT startups having the potential of viable growth.
Sergey Kartashov, the CEO of Generation Partners Ltd., expressed his views about the future of the IT development sector of Ukraine. He also forecasted the future of the country as an international IT development center. Generation Partners is an asset management company based in Cyprus. The main aim of the company is to attract investors towards the IT startups having the potential of viable growth.
Many Ukrainian IT development teams entered the orbit of Generation Partners in recent times, and more teams are looking to enter. Sergey Kartashov shared his views related to the relocation of the Ukrainian companies and the future of the IT sector of Ukraine.
Ukraine has excellent human resource
The human resource power of Ukraine is a positive sign of the growth of IT development. The Ukrainian universities graduate almost 15000 IT students every year. Secondary education and STEM school are playing a crucial role in the development of professionalism, attentiveness, and productivity in the students. There is a constructive competition among the educational institutes in Ukraine. Sergey Kartashov said, “You can see the results of this constructive competition with the naked eye – Ukrainian programmers are becoming widely in demand in the world.”
Ukrainian developers are working productively in international companies, and some of them create their own companies. The CEO of Generation Partners gave examples of Kwambio and RefaceAl in this regard. He said, “Nevertheless, in the IT world, Ukraine remains a country whose potential has not yet been fully revealed.”
Need for favorable legislation for IT investors in Ukraine
The CEO of Generation Partners highlighted the need for favorable legislation, like IP-Box in Cyprus, in Ukraine. Many Ukrainian companies choose to relocate due to the lack of a favorable working environment in their country. Cyprus has got the attention of IT investors due to its IP-Box regime.
Sergey Kartashov said, “Though, you can see some positive trends also in Ukraine today.” The Ministry of Digital Transformation of Ukraine allowed the IT companies to hire foreign specialists on a simplified employment quota. The foreign IT developers will get their residency permits from the government soon after the end of COVID-19 restrictions. This move of the Ministry will help the IT sector of Ukraine by filling the shortage of senior-level specialists.
Ukraine’s future in IT development
There is a clear need for an IP-Box regime in Ukraine. The Ministry of Digital Transformation of Ukraine is looking to introduce the regime. It came up with a corresponding proposal in this regard. Ukraine has the opportunity to become an international IT hub after the introduction of its own IP-Box regime. It will attract more investors to IT development. The economy of Ukraine will get benefits from the advancement of the country in the field of Information Technology.
“Everything will depend on the abilities of Ukrainian IT specialists and how they will take advantage of the opened opportunities,” said Generation Partners CEO. After the introduction of IP-Box, Ukraine will have its own IT parks just like other European countries. Ukraine will become a powerful IT place if it avails opportunities at the right time. The government of Ukraine has to play a crucial role in terms of forming the legislation and advancing the reforms. It will prove beneficial for the economy of Ukraine.