EY releases report on IT industry in Belarus
Minsk, 15 August 2017
Belarus’s IT industry has great potential to become an investment hotspot and an attractive destination for companies looking for technology partners, according to EY experts.
The considerable incentives granted to the IT industry in 2006 have pushed Belarus’s exports of IT services to USD 956.8 million in 2016, a 30-fold increase over the decade. Today IT is the leading industry in Belarus in terms of growth, and this trend is expected to continue.
“With the Belarusian IT industry demonstrating vibrant growth, we are seeing an increasing level of interest in local IT companies from outside the country, including from our clients,” says Pavel Laschenko, EY Managing Partner for Belarus.
“The global technology community has its eye on the fast growing Belarusian technology talent and intellectual capital. The name of the High Tech Park is now known globally and more and more multinationals open R&D centers here. With its friendly and supporting physical and legislation infrastructure, the HTP plays a key role in promoting technology innovation in Belarus, which is key in the future growth of the country, as it reduces the dependency on natural resources and builds a competitive edge in a global market”, says Noam Canetti, Senior Partner, Technology sector leader, EY Israel.
EY has prepared a 120-page report in English that gives an overview of the Belarusian IT industry and its prospects. The IT Industry in Belarus: 2017 and Beyond is the largest and most comprehensive report of its kind that contains statistics and insights on all key elements of Belarus’s IT ecosystem, including IT companies, the educational system, the labor market and the business environment.
The report also sheds light on key players in the IT industry, Belarusian-based development centers of international companies, significant events and transactions, and the places held by Belarus and local IT companies in international rankings.
The report is based on a massive body of statistical data, interviews with industry experts, and a survey of Belarusian IT companies conducted to capture their best practices and growth drivers.
The IT Industry in Belarus: 2017 and Beyond is available free of charge on EY’s website: www.ey.com/by/IT.
EY is a global leader in assurance, tax, transaction and advisory services. The firm has been active in the CIS since 1989. Currently, 4,500 professionals work at 20 offices in Moscow, St. Petersburg, Novosibirsk, Ekaterinburg, Kazan, Krasnodar, Rostov-on-Don, Vladivostok, Yuzhno-Sakhalinsk, Togliatti, Almaty, Astana, Atyrau, Bishkek, Baku, Kyiv, Tashkent, Tbilisi, Yerevan and Minsk. EY started operation in Belarus in 1994 and is today the country’s largest international provider of professional business services. The firm’s clients include major companies and banks based in Belarus and around the world. Since 2010 EY has been a member of the Coordinating Council for the Harmonization of Belarus Law with IFRS, and since 2004 it has been the official advisor of the National Bank of Belarus for the introduction of IFRS in the country’s banking sector. The firm has acted as the coordinator of the Foreign Investment Advisory Council under the auspices of the Government of Belarus since 2001. EY Belarus has a staff of over 350 employees.
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