To date, Ukraine has established five joint ventures with Western arms companies

Ukraine's Vice Prime Minister and Minister of Economy Yulia Svyrydenko said that Ukraine has already set up five joint ventures with Western manufacturers.

Here's What We Know

According to her, Ukraine has set up joint ventures with arms manufacturers from Germany and Lithuania. In addition, several foreign arms manufacturers have opened representative offices in Ukraine, which indicates that military-industrial cooperation is strengthening.

Svyrydenko refrained from disclosing details about new planned enterprises and the amount of investment in the sector. She also noted that weapons production in the first half of 2024 accounted for 1.8% of Ukraine's GDP, while in 2021, the figure was only 0.3%.

The draft State Budget for 2025, prepared by the Government for the second reading, provides more than UAH 55 billion for the production of weapons and military equipment.

The allocated funds will be used to develop production infrastructure, develop and implement innovative technologies, and increase production capacity for defence products.

Source: Reuters