EY: Belarus’ IT Scene Is Thriving

.

Over 90 per cent of the $956.8 million Belarusian IT market is external and involves exports. In 2016, the share of IT exports, in the country’s total exports of goods and services, accounted for 3.25 per cent, up from 0.16 per cent in 2015, according to EY’s ‘The IT Industry in Belarus: 2017 and Beyond’ report.

“With the IT industry demonstrating vibrant growth, we see an increasing level of interest in local IT companies from [firms] outside the country,” says Pavel Laschenko, managing partner at EY Belarus.

“The global technology community has its eye on the fast growing Belarusian technology talent and intellectual capital. The High Tech park is well known globally and more and more multinationals are opening R&D centres [in the country],” says Noam Canetti, senior partner and technology sector leader at EY Israel.

Currently, the ICT sector has a workforce of over 85,000, including some 34,000 in the IT products and services segment. EY estimates that another 30,000 IT specialists are employed in sectors of the economy other than ICT.

The entire IT sector accounts for 5.1 per cent of the country’s GDP. Belarus is home to internationally recognised software brands: Game Stream, Apalon, Vizor and MSQRD. Successful companies are usually bought by foreigners, but operations remains in the home country, the report says. That is what happened to MSQRD, the mobile application, which creates animated masks and lays them over human faces, and which was acquired by Facebook in 2016. All these things considered, foreign direct investments, in 2016, were consistently on an upward trend, reaching $169.2 million.

The high level of the education system and competitive salaries constitute the basis of this successful growth. Belarusian universities provide good technology-related studies and the average salary is higher than other sectors of the economy. According to the report’s data, in 2016 the average monthly salary was about $400, while in the ICT sector is was around $1,800. There is no brain drain in Belarus. On the contrary, highly competitive salaries are able to attract a qualified workforce, not only from Belarus but also from other countries.

However, education is a double-edged sword. Ernst & Young estimates that one of the biggest challenges companies face is the stiff competition for qualified specialists and their rising costs for companies. In the current conditions, we foresee further growth in the salaries of IT specialists over the next few years, but despite this growth, the cost of the services provided by Belarusian IT companies remains quite competitive, compared with other companies in Eastern Europe, the report says.

Read more about the Belarusian IT sector in Emerging Europe’s Outlook on Belarus 2016.

RELATED ARTICLES

Minsk International Airport Widens its International Reach

Belavia

Falling Student Numbers and Declining R&D Result From Lack of Funds

Kosovo: A Population of Talented Young Entrepreneurs Waits at Europe’s Door

Ukraine’s Q2 Growth Climbs

kyiv ukraine emerging europe

The EU Is Encouraging Belarus to Join the World Trade Organisation

Belarus Has Set an Example for Others to Follow

Emerging Europe and the EBRD host the Outlook on Belarus conference in London

Belarus and Singapore Share the Same Factors for Economic Success

Young Well-Paid IT Specialists Are Making Belarus Known Internationally

High-Tech Park in Minsk is growing rapidly

Croatian Salaries Are Growing in Line With Other CEE Countries

Dubrovnik Croatia emerging europe

Rolling Sales Procedures Together so Everyone Succeeds

Coworkers

Why Is Belarus Tech Booming?

PE and VC Investment In CEE Is At an Eight-Year High

venture capital

A New Modern Mall Hopes to Draw Belarusians Back to the Home Market

RRY Capital

Polish Labour Market Deficits Are Impacting All

Construction site with crane and building. Construction site in western europe - in Poland.

Foreigners choose Minsk and Gomel as Belarus’ most attractive FDI destinations

Towards a resilient Europe, strategies for the future

Ukraine to Restart Privatisation to Realise Profits

Pricatisation electricity ukraine

Latvia Urged Not to Increase Expenditure As Economy Grows

Riga, Latvia - August, 2010: Panorama view from Riga cathedral on old town of Riga, Latvia

Changes Are Making Ukrainian Banking More Aligned with International Standards

Emerging Europe Live: CEE — The Outsourcing Destination

Long-time Neighbours Need to Share Awareness, Plus Trade & Investment

Lukashenka seeks to avoid commitment to Russia’s geostrategic goals

The UK and Belarus: A Partnership to Introduce the Real Belarus to Europe

Brexit Is a Great Opportunity to Attract Foreign Investors to Belarus

Larisa Manastirli: Where is Bulgaria After Ten Years in the EU?

Belarus-Turkey Investment Forum to increase investment and trade between the two countries

Belarus Is Ready to Begin With Venture Capital Investments

Serbia, Belarus and Ukraine Ranked Lowly by Wharton Business School

Kyiv Ukraine - April 172017: The postal square in Kiev on Podol the Dnipro river. view of the square from the river panorama

Derek Chollet: There Is a Resurgence of Supporters of the Transatlantic Relationship

white house

Belarusian Economy on a Diet to Change its Financial Outlook

Bloomberg Croatia Business Day 2015

Business Mentors Helping to Solve Business Development Problems First

Portrait of confident business people interacting in the office

Doing Business Across Eurasia Could Be Easier

Eurasia emerging europe schneider group

EconMin: Bulgaria — Number One Outsourcing Destination And an Island of Stability in Europe

Lech Wałęsa: Hard Options Can Force Nations to Get Down to Work

Belarus is Bringing Opportunities for European Companies

Great Stone

OECD: Belarus Has to Find Its Own Belarusian Model to Emerge

Lviv Is the Pearl and the Soul of Ukraine

EU Membership and Transition into Market Economies Have Helped CEE Achieve Social Progress

World Bank: Brexit Hides Greater Challenges to the European Union and the CEE Region

A Strategic Asset for Regional Growth and Development in the EU

Pier bridge crane and cargo handling cargo trains transported away.

The Belarusian Banking Sector Moving Towards Modernisation Despite Some Challenges

FocusEconomics: Belarusian Economy to Grow in Q4 2016 and Onwards

Emerging Europe Live: Life in Belarus As Seen by Foreigners

SEE Link — Sharing SEE Europe’s Hopes for a Brighter Investment Future

Winds of Change for Belarus’ Reinsurance Industry?

Smart, reliable and promising

Fitch And the World Bank: Economic Growth To Remain Solid Within CEE In 2016

Breaking trade barriers with CIS has never been easier

Do Your Homework First and Starting Business in Poland is Easier

Feel the Vibe of the City of Minsk

Trinity suburb in Minsk (Nemiga) Belarus on 20 May 2017

Automotive and Transport Companies Dominate the CEE Region

Car bodies on the production line inside automobile factory

Belarus Is Where the New Silk Road Heads For Europe

Merkel: Albania is taking big steps forward

German Multivac invests €15 million near Sofia

Meghri Becomes Armenia’s Third FEZ

armenia emerging europe

Bosnia and Herzegovina: Focussing on Stability and Business Climate

Sarajevo Bosnia and Herzegovina - August 23 2015. View of Miljacka River in Sarajevo city

Belarus 2020: Turning the Vicious Circle Into an Upward Spiral

The Czech government attracts FDI and creates jobs

Globalisation Needs to Work, Not Only for the Few but for the Most and in Demonstrable Ways

Global Spread

Economy builds bridges in Mostar

Belarus: Changing Old Ideas And Mixing With the New in Belarus’ Export Market

Business Opportunities in Belarus Encourage Outside Interest

Estcoin: Estonia’s Own Digital Currency?

1 euro coin money (EUR) currency of European Union Estonia over blue background

Veni, Vidi, Vici, Or My Personal Experience of Doing Business in Belarus

Belarus: The Importance Of Diversification

Non-Financial Reporting No Longer a Secondary Consideration in CEE

While the EU Makes Plans for CEE China Makes Investments

Nuclear Security Summit In Washington, 2016

Estonia — Easy Doing Business Destination seminar in the UK

Belarus’ Economy Is Slowly Recovering From Past Declines

World Bank’s Doing Business Report 2016 Resume For Emerging Europe

CEE Emigrants Could Boost Their Countries’ Economies

Londoners walking through Millennium Bridge with St.Paul's Cathedral at the background after sunset - London, UK

“e-Belarus”: Embracing the Internet and its Possibilities

Belarus Is Making the First Steps onto the International Finance Floor

Albania is creating three free economic zones

Sarajevo Stock Exchange Connected to SEE Link

sarajevo stock exchange

The Reality in Romania Exposes False Perceptions Of The Country

21st century Manufacturing Arrives at Great Stone

Great stone

Romanian Economy Grows Fast in 2017

Brasov cityscape panoramic and aerial view over medieval architecture of Brasov town, in Transylvania Romania

‘No’ To a Monetary Union With Russia

The Belarusian Economy: The Challenges of Stalled Reforms

Belarus: On the Way to a Market Economy?

Air Passenger Volumes Reach Record High in the Baltics

airbaltic

Using Words to Paint a Picture – Belarus’ Nobel Prize Winning Novelist

Germany Is Not Letting Belarus’ Small Downturns Put it off Looking for Investment Opportunities

Encouraging SME’s Development Will Help Build Belarusian Economy

Hungary Today: Potential and Challenge

Chain bridge on Danube river in Budapest city. Hungary. Urban landscape panorama with old buildings and domes of opera

Poland Is Set To Become a Large Economic Zone

Aerial view over the building materials processing factory. View from above.

Cautious Upturn in Emerging Europe Haunted by the Spectre of Uncertainty

Donald Trump

The Belarusian real estate market is on the up

Western Ukraine Could Be an Entry Point into the Country

Albania’s Construction Sector Supports the Country’s Growth

SARANDA, ALBANIA - MAY 18: View of the city Saranda, most important tourist attraction of the Albanian Riviera on May 18, 2017 in Saranda, Albania.

After Economic Shocks Armenia Plans for Macroeconomic Stability

yerevan armenia minister of finance

Office Space Vacancy is Currently Low but Building Standards Cause Concern

Minsk Belarus - March 23 2017 modern architecture business center Pokrovsky on Pobediteley Avenue editorial

Foreign Investors: Belarus Offers Opportunities But Further Improvements Are Needed

The Country Shows Promise but Needs Some Reforms

Macedonia — Stepping Out Of the Shadow Of the Balkans

Italy and Belarus: A Relationship Based on Complementarities and History

Moldova Launces New e-Procurement System In Search For Positive Change

Photo team work process, holding contract hand, signs documents. Account managers young crew works with startup project.New idea presentation, analyze marketing reports.Blurred, film effect, horizontal.

The EU’s Benign Neglect of Eastern Europe

Digital Business Space Gives All Businesses an Office in Sarajevo

Sarajevo Bosnia and Herzegovina - August 24 2015. View from Vraca Memorial Park with building of Avaz Twist Tower

The Slovak Matchmaking Fair open for registration

Are Labour Shortages Driving Economic Growth?

Germany and Belarus: Thinking Globally Acting Locally

Belarus is the most creative EEU country

Slovenia is CEE’s leader in innovation

Belarus Is One of the Top Outsourcing Destinations of 2016

New investors interested in Belarus’ Great Stone Industrial Park

The Shopping Experience Is Set To Go Global in Belarus from 2017 Onwards

Slovenia is the CEE region’s leader in VAT collection

A Risky Evaluation of Croatia’s Economy?

ZAGREB, CROATIA - JULY 17, 2017: Square Ban Josip Jelacic with tourists and trams on a summer day in Zagreb. City of Zagreb is the capital of Croatia.

Lithuania Gives Innovation a StartUp

MILAN ITALY - MAY 2: People visit Lithuania pavilion at Expo universal exposition on the theme of food on MAY 2 2015 in Milan.

Ametek opened a new factory in Subotica

Ukraine Is Offering Europe Unique Combat and Technological Experience

The essence of the Customs Union is protectionism

EBRD Finances Small Business Support And Foreign Trade Promotion In Belarus

Bulgaria’s cooperation with Israel could boost the economy

Belarus US Business Relations Thrive as Conditions Improve

Chris Lowney — What Jesuit Spirituality Can Teach Us About Global Leadership

Jadranka Joksimović: Serbia Takes Its Candidacy of the EU Seriously

bigstock-Joint-Press-Conference-Of-Serb-155400338.jpg

Bringing Belarus’ Cultural Past to Life for Belarusians and the World

Belarusian Economic Recovery May Downgrade Intended Reforms for Competitiveness

HTP: Belarus’ Engineers Are Leading a Cool Revolution

Belarus Serves up Some Recipes for Success

Business in Belarus Recipe Book

Revenues Of Bulgarian IT Companies Have Sextupled In the Last Decade

Belarusian Tech Companies Lead a Global Technological Advance in Outsourcing and Product Development

Belarus Has To Make an Extra Effort To Change Investors’ Perceptions

Prospering Czechia Still Needs a Bigger Workforce

prague emerging europe

Innovation Brings Great Opportunities to the Belarusian Economy

PandaDoc — Rolling Sales Procedures Together So Everyone Succeeds

More Brexit Fears As the UK Proves To Be A Needed Member

City of London view from Waterloo Bridge. This view includes: St. Paul`s Cathedral The Gherkin Tower 42 and Blackfriars Bridge.

GE Inaugurates Its New Bucharest Software Centre

Asian Outsource Developer Team Sitting At Desk Working Laptop Computer Mobile Application Software Real Office

The Proof of a Country’s Readiness to Attract Foreign Investors Lies in the Development of the Insurance Market

Investing in Ukrainian Food and Agriculture

Poland’s Q2 2017 Growth Is Stronger Than Expected

WARSAW, POLAND - MAY 07, 2016: Building Palace of Culture and Science among the modern buildings of the city

Central And Eastern Europe At the World Property Market

Plovdiv — an emerging outsourcing destination

Nadiya Savchenko: I Dream of a Great Ukraine

Panorama of the top part of the Andrew's Descent from Castle Hill in springtime in Kiev Ukraine.

The Great Stone Industrial Park — Making Doing Business Easy in Minsk

Business Standards Are High in SEE But Vary Widely

Aerial view of The Cathedral of the Assumption in Varna

The Next Four Months Crucial For the Belarus-EU Relations

Effective Policies Have Strengthened the Georgian Economy

TBILISI GEORGIA Jul. 18 2017: Bridge of Peace is a bow-shaped pedestrian bridge a steel and glass construction over the Kura River in downtown Tbilisi capital of Georgia

Invest in Belarus: looking beyond politics to the future

Will European Business and Institutions Bolster the New Trends That Have Appeared in Belarus?

Investigations Into the Corrupt Ukrainian Fuel and Energy Sectors

Ukrainian money hryvnia. The national currency. Corruption in Ukraine

Belarus: Navigating the geopolitical storm

Poland’s Business Constitution Must Be Finalised

Front of finance ministry in Warsaw Poland with a fountain framing the entrance. Could be used for images about Euro currency problems

Mayor: Armenia And Its Capital Yerevan Offer Safe Investment And Tourism To a Growing World

Not All Quiet on the Eastern Front

Economy Minister: Internationalisation Is the Key To the Slovenian Economy

Valga and Valka – Where Estonia and Latvia Work Together

Valga valka emerging europe

The Deep Roots of Currency Crises in the Former Soviet Union

The Belarusian Financial Sector: An Industry in the Process of Restructuring

Will the New Five-day Visa-free Regime Encourage More Visitors to Belarus?

Putin Urges Belarus to End Oil Transit Through Lithuania

Athens Greece - May 27 2016: Russian President Vladimir Putin delivers

CEE-Benefits and Disadvantages of Joining the Eurozone

forint zloty euro

Emerging Europe Makes Great Strides in Improving Business Regulation for Entrepreneurs

Skopje Macedonia

IMF Believes State-Owned Enterprises Must Be Reformed

Image of the banknotes of new Belarusian banknotes five rubles put into circulation July 1 2016

The EU’s Benign Neglect Of Eastern Europe

Belarus’s Election Tests the EU’s Global Strategy

Leave a Reply

Your email address will not be published. Required fields are marked *