Representatives of the World Bank and Leading Business Associations Discussed Prospects for the Development of High-Tech and Innovative Industries

Leaders of Ukraine’s leading business associations—members of the Ukrainian Business Council—held a working meeting with the World Bank team to discuss pressing issues related to the development and functioning of industries that should become the drivers of Ukraine’s economic recovery.

Representatives of IT associations and associations working in the fields of innovation and humanitarian demining shared their views on the challenges they face in their activities. In particular, the development of these industries is hindered by the lack of financial support programs for R&D centers, a significant shortage of qualified personnel, and the urgent need for modernization of educational facilities in universities.

During the discussion on human capital issues, participants had the opportunity to explore innovations in labor legislation, taking into account the specificities of the IT industry. Business association leaders emphasized the importance of maintaining stability and predictability in business conditions, provided arguments for preserving the current simplified tax system by referencing international experience, and compared it with conditions created in other countries for the functioning of innovative industries.

The business community expects the implementation of institutional reforms already adopted at the legislative level for supervisory and regulatory bodies, including the rebooting of the Bureau of Economic Security (BEB) and customs services, as well as the necessary overhauls of the State Tax Service (DPS) and the National Police with decisive input from international experts. These reforms are crucial for improving institutional quality and minimizing pressure on entrepreneurs. The transformation of state institutions, their optimisation, and transparency in operations are the factors that will contribute to further economic development and recovery.

Following the discussions, an agreement was reached to hold regular meetings for the exchange of ideas and continued cooperation.

Click here to learn about the previous meeting of the UBC—ITU therein—with the World Bank.