According to Forbes Ukraine’s rating, Vinnytsia is the second-best city in Ukraine for doing business. An interview with Svitlana Yarova, Director of Municipal Enterprise Vinnytsia Municipal Center of Innovation (VMCI) tells us about the unique benefits of the city for investors, the creation of the new Crystal technology park and the secrets of Vinnytsia’s high investment rating.
This conversation was led by Dmitry Musatov, Partner, Deal Advisory, Investment, Capital Markets, and Corporate Finance, KPMG in Ukraine
Vinnytsia Municipal Center of Innovation was established in 2017 as part of the Vinnytsia 2020 Development Strategy to attract investment into the city's economy and effectively support investors.
The main functions of VMCI include legal support for investors (such as obtaining all the necessary permits for "Vinnytsia Industrial Park" participants), post-investment support for investors, and construction and reconstruction efforts of the Crystal innovation and technology park. VMCI implements its activities within the framework of Memoranda of Understanding with various companies, such as HEAD, TCS, AGRO OIL, KNESS Group, etc., and is involved in the second stage of construction of the Green Cool plant by UBC Holding.
Vinnytsia plans to build Crystal Technology Park by 2027 which will become a platform for the development of creative industries and startups in the city. Vinnytsia Municipal Center of Innovation (VMCI) has been following its creation closely. Tell us more about this project.
We actually already started the construction in May of this year and, if the funds are available, we will complete both stages of this facility by 2024. Crystal will be the first municipal innovation and technology park in Ukraine and will not just have an impact on the city or Vinnytsia region but will also contribute to the formation of the innovation ecosystem in Ukraine as a whole. The goal of the project is to strengthen existing high-tech and creative industries as well as creating new ones. According to the plan, there will be about 8,500 metres squared of innovative space which will house more than 100 offices, an IT school, a children's technology center, a coworking space, and laboratories equipped with modern equipment. The infrastructure around the technology park provides all the conditions necessary for recreation, cultural events, festivals, hackathons, and more.