New York, the Ukrainian Institute of America, MAY 29, 2014

"..whether Ukraine is poised to become the “Silicon Valley of Eastern Europe” was part of the theme at an event last week held at the Ukrainian Institute of America, housed within the magnificent Harry F. Sinclair House on Fifth Avenue: the potential for Ukraine to become the IT outsourcing center of Europe. A panel of Ukrainian government officials and business people touted the potential of the country, with its thousands of information technology workers trained at technical schools throughout Ukraine. The event was part of the Embassy of Ukraine in the United States’ campaign to attract Western companies to make use of its IT talent, a low tax rate and significant savings compared to other regions."

Welcome Remarks of the General Consul of Ukraine in New York Igor Sybiga at the Ukrainian IT Day in New York

Ladies and Gentlemen,

I’d like to welcome you all and express hope that you’llfind presentation and discussions regarding the current status and prospects of the Ukrainian IT market, relevant investment opportunities and recent technological developments interesting and useful.

I thank TransparentBusiness Company and personally Alex Konanykhin and Silvina Moschini for organizing this event in partnershipwith Ukraine’s Embassyto the U.S. and General Consulate of Ukraine in New York and inviting us all to share ideas on Ukraine-U.S. cooperation in IT-business.

Let me also extend appreciation to the Ukrainian institute of America for providing such a great venue for this important event.

Today’s event is already second in a row – the first one was successfully held at our Embassy in Washington, DC, a month ago. And I am confident that given the potential of this sector of the Ukrainian economy and the interest of the international business community to develop projects in my country – there will be new US-Ukraine IT events in a number of other major American cities.

But first – let me elaborate on the recent developments in my country.

The Presidential election in Ukraine that took place just several days ago on May 25th, 2014, sends a clear message to the international community – the Ukrainian people want to live in united, democratic and prosperous Ukraine that have European future, to express their political will freely and to determine their own destiny.

Reports by the international observers that the elections were in line with international standards prove commitment of the Government of Ukraine to the democratic process.

I strongly believe that this is a historic event for my country and a turning point during the current crisis. The newly elected President that is entrusted with strong popular support will be able to effectively implement policies of national unity, inclusion, security and economic stabilization.

In this regard, I’d like to express our sincere appreciation to the U.S. Administration and American people for their strong support of the territorial integrity and sovereignty of my country, the Government of Ukraine reform agenda, as well as expansion of bilateral cooperation in all relevant spheres.

Ladies and Gentlemen,

Today we present a Strategic Initiative designed to modernize the Ukrainian economy and create hundreds of new jobs in our country.

For centuries my country has been known as a Bread-basket of Europe. Now the Government has launched a Strategic Initiative designed to turn Ukraine into the Brain-basket of Europe as well.

Currently the Government of Ukraine in partnership with major IT companies develops Program of the state support of the IT industry in our country that will envisage special tax policy and educational grants as well as other incentives. The IT industry of Ukraine over the recent five years has demonstrated unprecedented annual growth at 20-25% rate that puts my country among top five IT outsourcing destination in the world. Now Ukraine is ready to compete for a significant share of world’s IT outsourcing market that amounted last year to $288 bln.

Speaking about Ukrainian IT market I should emphasizea unique blend of its main advantages: high-skilled IT-personnel, liberal tax system, implementation of the European standards and norms in the national legislation, and fast developing of IT infrastructure like, for example, IT business incubators.

The use of modern technologies in outsourcing in Ukraine – such as cloudsourcing – creates lucrative opportunities both for business and government IT-solutions. And I hope that U.S. Eximbank, Overseas Private Investment Corporation as well as United States Trade and Development Agency will be true partners for those American companies that decide to launch or develop their business in Ukraine.

Today we already have quite competitive IT market in Ukraine represented not only by national, but also large international, including American, players as well. And given the pace of its current growth IT industry will be for sure in the nearest future one of the driven forces of the economic development of Ukraine. That is why I can encourage American business to be part of this successful story.

It is true that some challenges for projects implementation in Ukraine still remain, but the Government of Ukraine is committed to resolve all outstanding issues through open dialogue with IT community and application of the best available business regulations and standards in this sphere. The US Administration, the European Commission as well as other foreign governments have already recognized the progress made by the Government of my country in putting in place together with the IMF and the World Bank a comprehensive economic reform program aimed at strengthening Ukraine's capacity to grow.

Ladies and Gentlemen,

I strongly believe that it’s high time for the US companies to really discover Ukraine, a new Ukraine that has neverbefore been so threatened from outside and simultaneously had such incredible prospects in the future.

I want to thank you all for attention and encourage fruitful discussions on Ukrainian IT opportunities!

The Ukrainian Institute of America
Igor Sybiga, the Consul General of Ukraine in New York
Silvina Moschini, President, TransparentBusiness
Volodymyr Shalkivski, First Secretary, Embassy of Ukraine
Anthony Conte, CFO of EPAM

Embassy of Ukraine in the United States of America

IT initiative of Ukraine’s Government to turn Ukraine into “Silicon Valley of Europe” unveiled in New York City

On May 29, 2014, Ukraine’s Government initiative to turn Ukraine into “Silicon Valley of Europe” was unveiled in New York at the Ukrainian Institute of America.

The initiative will be implemented through the development of state, commercial, scientific and educational sectors of national IT market, including IT outsourcing services that will facilitate the creation of 100 000 jobs in this sphere and provide up to $10 bln. USD in export revenues within the next five years.

The event was organized by the Embassy of Ukraine in the U.S. in partnership with U.S. company TransparentBusiness Inc. and with the assistance of Ukraine’s Consulate General in New York.

In his welcome remarks, Consul General of Ukraine in New York Igor Sybiga elaborated on the current status and potential of Ukraine’s IT sphere, foreign economy priorities, prospects and advantages for attracting U.S. investments in the economy of Ukraine.

The event also featured a presentation by the President of TransparentBusiness Inc. Silvina Moschini on the export capabilities of Ukrainian IT market including advantages of cloudsourcing to Ukraine (a type of outsourcing that provides for unique transparency and effectiveness in terms of project implementation monitoring).

The CFO of the U.S. company EPAM Anthony Conte shared a successful experience of this company in Ukraine, which has been working with local IT professionals for more than 9 years.

The current status and development prospects of Ukraine’s IT sphere were covered by the 1st Secretary of the Embassy of Ukraine Volodymyr Shalkivskyi.

The attendees of the event included representatives of U.S. Government, business circles, investment foundations, law firms as well as a number of major U.S. media such as «Associated Press», «Reuters» & «Inter Press Service», «Wall Street Journal», «Fox News» & «ABC News» and others.

Ukrainian IT Day in New York became a second event after the very first one held on April 29, 2014, at the Embassy of Ukraine in Washington, DC. Further events to unveil Ukraine’s Government IT initiative in the United States will include Chicago, San-Francisco and other major U.S. cities.