Despite ongoing economic and geopolitical challenges, Ukraine has already established itself as an important player on the global stage of technology and innovation. For the third consecutive year, Ukrainian tech companies have demonstrated extraordinary resilience and the ability to adapt to changes. Their experience and expertise have become invaluable resources not only for the domestic market but also for the global community. Thanks to highly skilled professionals and an innovative approach, the Ukrainian tech sector continues to develop, implementing new solutions and creating products that meet the highest quality standards, playing a key role in the country's economy and its future recovery.
As a key player in the domestic and an important part of the global market for the implementation of robotic technologies, on June 25th in the USA, DroneUA participated in the event "Investment and Partnership Opportunities of the Ukrainian Tech Sector," which was part of the SelectUSA 2024 investment summit.
At the meeting, industry leaders and representatives from leading tech startups discussed the current opportunities and future potential of the Ukrainian tech sector. The event began with welcoming remarks by Marisa Lago, the U.S. Under Secretary of Commerce for International Trade. The panel discussion was moderated by Valerii Dobrovolskiy from USAID's Competitive Economy Program. Key figures in the Ukrainian tech industry, such as Oleksiy Dobronravov from the Ministry of Digital Transformation of Ukraine, Sviatoslav Kavetskyi from the Lviv IT Cluster, and CEOs of leading tech startups, also shared their expert opinions.
"It is no coincidence that the series of summit events began at the National Museum of American
materials, exporting raw materials and importing certain technological solutions, to an industrial giant that exports high-tech products worldwide. This transition occurred on fertile ground, rising above difficult times, but the revenues that sustain the country today come from entirely different sectors," - said Valerii Iakovenko, CEO and managing partner of DroneUA.
"Currently, Ukraine primarily produces raw materials, but it will soon begin exporting high-tech products – these steps are already underway! To achieve this transformation, the role of USAID is crucial. Their programs can support Ukraine in developing a sustainable economy by providing technical assistance, financial resources, and consultancy services. This support helps small and medium-sized enterprises (SMEs) in processing and creating products with high added value. Improving infrastructure, access to international markets, and the implementation of advanced technologies are essential for Ukraine's economic growth," - said Valerii Iakovenko.
The optimal path for Ukraine is to focus on several key areas to maximize its potential:
Investments in R&D: Significant resources need to be directed towards research and development to foster innovation and the development of new technologies.
Support for SMEs: Financial and technical support is necessary for entrepreneurs engaged in processing and producing high value-added products.
Education and Workforce Training: Investing in education and professional training ensures a qualified workforce for high-tech industries.
Infrastructure Development: Building the necessary infrastructure to support industrial growth and export is critical.
Improving the Business Environment: Creating favorable conditions for business by reducing regulatory barriers and ensuring access to financing is vital.
International Partnerships: Establishing strategic partnerships with other countries and international organizations can help in the exchange of knowledge and technologies.
By actively working on transforming its economic model and focusing on high value-added production, Ukraine can adapt to global economic challenges and achieve its goal of becoming one of the world's leading economies. The participation and support of high-profile government officials underscore the importance of the Ukrainian initiative and the partnership between the USA and Ukraine.
In her speech, U.S. Deputy Secretary of Commerce Marisa Lago emphasized the importance of focusing on Ukraine's economic recovery and reconstruction, even in challenging geopolitical conditions. She also highlighted the ambition to create a partnership ecosystem between Ukrainian and American entrepreneurs. "For my team at the U.S. Department of Commerce, which specializes in promoting international trade and investment, our focus is on moving forward. Today, we are here to connect our entrepreneurial spheres, provide funding from the USA, and integrate with our innovative ecosystem,"- Lago explained.
Participants of the panel discussion shared their thoughts on the resilience of Ukrainian IT companies. Despite the current conditions in Ukraine, the domestic IT sector successfully implements projects, demonstrating its resilience and ability to adapt, thereby gaining the trust of potential clients in new markets and confirming its expertise and reliability.
Ukraine also has significant potential and opportunities for startups in the field of artificial intelligence (AI), some of which have already achieved success in the US market. AI technologies have become more accessible and affordable, prompting companies of various sizes and levels to integrate AI solutions into their operations. The development of advanced AI software and data analysis capabilities will enable Ukrainian companies to enhance their global competitiveness and open new revenue streams.
Ukraine has reached a new level of digital governance with innovations like the "Diia" app, which integrates digital services for taxes, healthcare, and banking, as well as provides comprehensive support to companies, helping them navigate issues related to taxation, communications, contract management, and more. The country boasts a robust technological ecosystem that has long provided reliable software development and outsourcing services for Fortune 500 companies, and develops globally renowned tech products like Grammarly and Reface. Launched just two weeks before the full-scale invasion, the "Diia" project aimed to create favorable conditions for IT and digital economic businesses in Ukraine. Despite the challenges, the project quickly gained momentum and now supports over 1,100 companies.
The introduction of the special legal status "Diia City" for the technology industry has attracted over 1,000 companies, including global giants such as Revolut, Visa, Nokia, Lyft, and SAP, which have R&D offices in Ukraine. Currently, the sector accounts for 5% of Ukraine's GDP, highlighting its significance in the country's economic landscape. Despite ongoing challenges, Ukrainian tech companies continue to provide exceptional value to investors and clients, demonstrating their resilience and reliability.
"We at DroneUA are proud to be among the first residents of 'Diia City.' We highly value and support this innovative business approach. We encourage all Ukrainian IT companies to explore this opportunity," - emphasized Valerii Iakovenko.
The Ministry of Digital Transformation of Ukraine, the driving force behind the "Diia" project, aims to identify and support breakthrough solutions to foster innovation and develop strategic advantages. Ukrainian companies are well-prepared to contribute to global security efforts.
As of today, the Ukrainian technology sector has demonstrated incredible resilience and adaptability under the most critical conditions. By utilizing existing technologies, focusing on AI and digitalization, and supporting innovative projects, Ukrainian companies are ready to compete on a global level. Thanks to initiatives like "Diia," the technology industry continues to drive economic growth and plays a key role in Ukraine's future. In turn, the SelectUSA summit, focused on promoting international trade and investment, plays an important role in supporting Ukrainian technological initiatives. It provides a platform for establishing connections between Ukrainian and American entrepreneurs, fostering vital partnerships, and ensuring access to resources necessary for growth, development, and integration of innovations.
As of today, the Ukrainian technology sector has demonstrated incredible resilience and adaptability under the most critical conditions. By utilizing existing technologies, focusing on AI and digitalization, and supporting innovative projects, Ukrainian companies are ready to compete on a global level. Thanks to initiatives like "Diia," the technology industry continues to drive economic growth and plays a key role in Ukraine's future. In turn, the SelectUSA summit, focused on promoting international trade and investment, plays an important role in supporting Ukrainian technological initiatives. It provides a platform for establishing connections between Ukrainian and American entrepreneurs, fostering vital partnerships,
and ensuring access to resources necessary for growth, development, and integration of innovations.
