TMCnet Feature
November 09, 2020

Eurasian Countries Towards A Thriving IT Sector

The 21st century is a digital world and this is reflected in most sectors of the global economy. It is a world backed by technology where IT has taken center stage and become the pillar upon which strategies of nations and economies are founded upon. Success in any venture is almost impossible without an infusion of IT and this is a reflection of how far we have come in this century. Interestingly, incursions into new economies and new areas often require some level of collaborations to attain effective results. In this hyper-connected world, the technical requirements of IT solutions often require synergy from companies with similar interests.

The recent partnership between Axios and StrategEast is led by Rati Tchelidze, the owner of Axios Holdings. The partnership is focusing on developing thriving IT sectors in Eurasia and is considered a landmark development in the IT world. The partnership which was forged in 2018 under the Global Minds Initiative (GMI) will facilitate the development of FinTech entrepreneurs within the region. For context, Eurasia consists of significantly developed nations and some underdeveloped ones. Hence, with this development, the Eurasian region will witness a spate of development which will further strengthen the economies of the countries within the region.

The question about the choice of Eurasia is a likely question that could suffice especially considering that regions such as Africa and South America for instance are largely underdeveloped and with growth prospects as well. In terms of current reality, Eurasia holds bigger prospects. For a start, StrategEast is a Washington-based company set up with a mission to help former Soviet states transition to a knowledge-based economy. Secondly, this region consists of countries in Europe and Asia and is known to be the largest continents on earth considering it spans the landmass of Europe and Asia. It is also an important region with great contributions to global trade and commerce. It is also worth noting that Axios has offices in European countries and this makes this partnership some sort of social responsibility since it is a way of giving back to the community of operation.

Opportunities that Abound

It is a collaboration, which aims to bring lasting change in the IT-sphere of the post-Soviet countries. This will be achieved via a combination of targeted local events and institutionally aimed initiatives. There is also the prospect of facilitating access for international outsourcing companies who may be interested in exploring the prospects of the local markets in the region. The procedure for which the partnership will seek to achieve its goal of developing a thriving IT sector in Eurasia, this will be through the establishment of a professional training system for IT specialists, through engagement with international leading learning providers.

In some cases, government legislation could serve as a hindrance to the growth and development of a country or even a region. One of the challenges of IT in Eurasia is the tax code legislation in some countries. This partnership will advocate for a review of this so that countries will be able to latch up to the potentials of IT just as the western world has done. The bottlenecks in the affected countries can be identified after which sensitization and lobbying did with lawmakers and relevant stakeholders to initiate the required legislative move that will berth the required change.

Potential Challenges

The IT industry is knowledge-based and through training from experts and resource persons, Eurasia based entrepreneurs will be able to understand IT from a global perspective. This collaboration of Axios Holding and StrategEast will bring about an influx of global tech leaders to the region for the purpose of capacity building, coaching, and mentoring. This would be done through lectures and roundtable discussions hosted at universities and entrepreneurship centers within the region.

The collaboration will also serve as a networking opportunity that could linger on even after the expiration of the project. This training will also potentially serve as a training and re-training medium so that those who have been trained will be able to also train others. This will help the spread of IT within the region and help it maximize its vast economic potentials. Eurasia has a huge pool of potential FinTech entrepreneurs and with this latest development, significant IT development can be expected from the region as early as within the next 10 years. Hopefully, other partnerships focusing on the region will be formed to cater to other aspects of IT growth in the region.

The world needs Eurasia to develop digitally and partnerships such as this will help facilitate the needed growth. Be on the lookout for more news on Eurasia and other regions of the world. 

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