The Growing tech industry will be the driving force in ukraine's recovery
by Konstantin Vasyuk, Executive Director at IT Ukraine Assocation
In new military realities Ukrainian tech industry is staying stable and expanding sector of the national economy. Its rapid growth by more than 50% during 2019-2021 continued up to the War and in February 2022 resulted in the highest monthly indicator of export in the history of the Ukrainian tech market – $839 million.
Moreover, for 3 months of the war - from March to May – Ukrainian Tech demonstrated its resilience in the face of turmoil and 6% growth of computer services export compared to the same period of the previous year. For the first five months of 2022 the industry provided $ 3,2 billion worth of foreign currency incomes to the Ukrainian economy.
During all these months, national Tech has managed not only to maintain its operational activities, but also to actively support the Armed Forces of Ukraine and the Government. An average of 3% of tech professionals joined the Armed Forces, 9% - the cyber forces, others combine volunteering with the implementation of current projects and contracts. According to our information, national tech companies made donations for more than $ 1 billion to charitable foundations and on various humanitarian purposes.
Our bravery and steadfastness impress international partners. Stable connections, an extensive network of representative offices abroad, high qualification and creativity of IT professionals allow Ukrainian companies to deliver continuously. Due to the Covid years, when our teams gained the skills of effective remote work, more than 85% of professionals are already is fully involved in operational activities.
According to our data, 77% of IT companies have attracted new customers already during the War, 56% of them expect the growth by 5-30% this year. The main factors of keeping the customer are high level of customer loyalty; long-term partnership; delivery stability; persistent communication with clients; fast stabilization of business processes, including through BCP; prompt relocation of teams and resumption of operating activities; high social responsibility of companies based on the principles of people safety; high quality of services, even in times of War.
The main thing for us is to keep the economy moving. If a company is at the stage where they are looking for a Tech provider, they should consider cooperating with a Ukrainian company. Again, we will have to rebuild our country and that is one of the greatest contributions foreigners can make.
Work with Ukrainian companies, spread the word about it, and be brave like Ukraine!
IT Ukraine Association is the largest community of tech companies, uniting 118 participants and 80 000 Ukrainian IT specialists. The association consolidates the interests of business, government and international partners for the development of the tech industry in Ukraine as well as to promote the brand of Ukraine as a leading technological nation.
Watch Elena’s full presentation at the Festival here.