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Why supporting Ukraine’s tech ecosystem is so important

War has decimated much of Ukraine’s economy, but a notable exception is the IT sector. As of November, the industry’s annual export revenue was a record $5.5 billion – 13% more than the same period last year.

Since Russia invaded in February, 58% of Ukrainian technology companies have processed new orders from customers. Despite brutal attacks, martial law and general mobilization, 85% have recovered their pre-war business activities. That’s according to Lviv IT cluster, a community of businesses, universities and local governments.

“Ukraine’s technology industry is not only showing the ability to fully function, but also showing growth,” said Stepan Veselovskyi, the group’s CEO. “IT services exports grew 9.9% compared to last year and brought in more than $6 billion in revenue, surpassing the 2021 figure of $542 million.”

Veselovskyi (center) at the IT Arena conference, led by his organization.  Credit: Lviv IT Cluster