Why Invest in Ukraine? The Norwegian-Ukrainian ICT Investment Conference Gave the Answer

Nov 24, 2015

The world’s most innovative countries continue to display a strong interest in Ukraine as a highly favorable investment destination. We have already mentioned Sweden and the Netherlands in our recent posts, and this time we wanted to share a couple of insights from the Norwegian-Ukrainian ICT Investment Conference, which took place in Oslo on November 11, 2015.

Organized by the Norwegian-Ukrainian Chamber of Commerce together with the European Business Association (EBA), IKT Norge, and Seed Forum, the conference mainly focused on exploring potential areas of IT-related cooperation between Norway and Ukraine.

Among the keynote speakers were Ukraine’s Minister of Agrarian Policy and Food, Oleksii Pavlenko, and Norway’s Minister of Foreign Affairs, Børge Brende, heads of Norwegian and Ukrainian companies, and French philosopher and thought - leader Bernard-Henri Lévy.

At the photos: Lars Peder Brekk, Director General Altinn; Vidar Helgesen, Minister of EEA and EU Affairs of Norway; Børge Brende, Norway’s Minister of Foreign Affairs. Source: www.nucc.no

Here are a few essential takeaway points from the Norwegian-Ukrainian ICT Investment Conference:

  • According to the EBA, over 74,000 Ukrainian IT specialists are currently involved in outsourced IT projects. By 2020, this number is expected to increase by 2.5 times.
  • In 2014, Norwegian exports to Ukraine amounted to $140 million.
  • At the present time, more than 2,000 Ukrainian software developers are working in offshore software development teams for Norwegian IT companies.
  • In recent months, there has been a 10x growth in Norway’s investment in Ukrainian IT, energy, and agricultural industries.
  • Børge Brende, Norway’s Minister of Foreign Affairs, believes that there is no reason why the war in eastern Ukraine should deter potential investors as Ukrainian programmers keep offering high-quality digital solutions at a competitive price.
  • The potential for telecom nearshoring is still largely untapped.
  • Roger Schjerva and Heidi Austlid from IKT Norge say that when it comes to mobile and web design, digital media solutions, and MedTech, Norway is undoubtedly ahead of the competition, and yet the country lacks a skilled IT force with a good understanding of business.
  • On average, it takes a Norwegian IT company about 4–6 months to hire a skilled software developer, which leads to a longer time-to-market.

Read how to hire developers in Ukraine

  • Arne Mjøs, CEO of Itera ASA, believes that the best way to build an efficient outsourcing relationship is to combine onshore software development with offshoring/nearshoring.

You might also like to see this speech of Børge Brende, Norway’s Minister of Foreign Affairs, on why Ukraine has so much potential as an investment destination.

If you want to learn more about the practical aspects of offshore software development in Ukraine, just drop us a line. We’ll be happy to help!

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