Representatives of the investment and IT markets have appealed to President of Ukraine Petro Poroshenko for state support for the idea of setting up "a fund of funds" to invest in the existing and newly established venture capital funds and IT startups.

"It was suggested referring to the European Investment Fund, which invests in venture capital funds and other international institutions, implementing this model," reads a statement of the Ukrainian Venture Capital and Private Equity Association (UVCA) after a meeting with Poroshenko.

According to the UVCA, the creation of such a model of "a fund of funds" will stimulate the development of the national venture capital and IT industries and allow obtaining funds by 2,500 existing startups, of which, according to the association, only 66 attracted investments in the past year.

Participants in the meeting also expressed the idea of creating a state institute responsible for innovation policy in Ukraine following the form of the Office of the Chief Scientist in Israel.

In addition, IT business representatives asked to assist in simplifying conditions for obtaining working visa for foreign professionals, stopping undue pressure on IT enterprises by law enforcement agencies and creating favourable fiscal conditions for conducting innovative activity in Ukraine.