March 30, 2016 5:55 pm | Updated 5 years ago.
Industry specialists AVentures Capital in association with Sourcingfocus have announced Ukraine as the top IT outsourcing and software development destination.
This selection has been made after going through the sector’s rapid and consistent growth in the country that has managed to tolerate extreme political instability. Over the years, The IT service and software development sector has reported double-digit growth figures.
The increasing importance of IT for the Ukrainian economy can be explained by the conflux of a highly internationally-focused group of local IT companies, and the large amount of money invested in the country for R&D development by World IT Leaders. World Leading Companies like Cisco, Oracle and Samsung have all invested in the country’s booming R&D sector.
It is predicted that by 2020, Ukraine’s IT engineering workforce will double to reach 200,000. IT has now become the third biggest export sector in the country with an export volume of $2.5 Billion. At the moment, the US is by far the largest destination for Ukrainian IT exports representing over 80 per cent of trade volume.
The current period of political turbulence has had very little effect on Ukraine’s IT sector, despite having hampered overall growth in the country according to the reports.
Date of Publication: 08/03/2016