Sergey Kartashov assesses potential of Ukraine’s IT sector

Sergey Kartashov, the chief executive officer of Generation Partners Ltd., an asset management company, focuses on the current IT sector of Ukraine in his work. He made an optimistic prediction about the future of the country as an international IT development center. Generation Partners is a Cyprus-based asset management company that aims at boosting investments in IT startups.

Sergey Kartashov, the chief executive officer of Generation Partners Ltd., an asset management company, focuses on the current IT sector of Ukraine in his work. He made an optimistic prediction about the future of the country as an international IT development center. Generation Partners is a Cyprus-based asset management company that aims at boosting investments in IT startups.

According to the company officials, a number of Ukrainian teams have been joining them. Sergey Kartashov shared his thoughts about the relocation of the Ukrainian companies to Cyprus.

Role of Ukrainian Universities
Sergey Kartashov praised the human potential of the country. The Ukrainian universities graduate at least 15000 IT students per year. The world values the Ukrainian IT graduates due to their productivity, professionalism, and attentiveness. “Ukrainian developers are ready to work not only in international companies. Many programmers create their own startups,” the CEO said.

According to the IOAP ratings, dozens of Ukrainian companies enter into the list of top 100 outsourcers every year. Kartashov also praised the unique products of RefaceAl, a Ukrainian IT development company, launched last year. Elon Musk, the founder of SpaceX and Tesla, was attracted by the Reflect app and its unique product. “The number of such companies is constantly growing, and that, in its turn, indicates the positive dynamics of the IT market development in Ukraine,” the Generation Partners CEO added. The potential for IT development in Ukraine is yet to be revealed.

Ukraine Needs to Form Legislation
Ukraine has not formed legislation in the field of IT development. This is the main reason behind the relocation of Ukrainian companies towards Cyprus and other countries. Cyprus is said to be tax heaven for the IT development companies due to its IP-Box regime. The CEO of Generation Partners said, “Earlier this year, the Ministry of Digital Transformation of Ukraine has announced the allocation of quotas for simplified employment of foreign specialists in IT companies.”

Ukraine will issue the residence permits to the foreigner IT developers after the end of the coronavirus restrictions. It will help the young IT developers in Ukraine to get experience and raise their level. Moreover, the shortage of senior-level specialists will also end after the implementation of Ministry’s this move.

The Future of Ukrainian IT Sector
The Ministry of Digital Transformation of Ukraine presented a proposal for introducing the IP-Box regime in Ukraine. The implementation of this proposal will attract more investors. Cyprus became a proper IT research center due to the introduction of IP-Box. Sergey Kartashov said that Ukraine had the potential to become a new world-class IT hub after the introduction of financial benefits. The CEO of Generation Partners added that the future of the Ukrainian IT sector would depend on the abilities of its IT specialist. Ukraine will have full-fledged IT parks once the IP-Box is introduced in the country. The major investors of the country will take an interest in the IT sector. The economy of Ukraine will take strong benefits if the IT sector of the country will improve significantly. The asset manager said that the role of the government would be significant in this regard. The reforms will be brought by the efforts of the Ukrainian government. He showed optimism in terms of the success of the country as an international IT development center.