Ukraine to boost defense industry funding sevenfold

The Cabinet of Ministers proposed to the Verkhovna Rada to increase the financing of the defense-industrial complex by seven times in 2024 — to almost UAH 55.8 billion ($1.51 billion), reported the Ministry of Strategic Industries, which oversees this sector.

The main focus is the production of weapons within the country - both at Ukroboronprom enterprises and by private manufacturers.

"These funds will go to the development of existing production capacities and the launch of new ones. Together with the Minister of Defense Rustem Umerov, we will work on the localization of the production of weapons and military equipment," said Minister Alexander Kamyshin.

In July, the official announced ambitious plans for Ukraine to become the largest arms producer in Europe.

On June 8, 2023, the previous Minister of Defense Oleksii Reznikov stated that Ukraine has good prospects of having its missiles with a range of more than 1,000 km.

At the end of June, Ukraine created JSC Ukrainian Defense Industry instead of the Ukroboronprom defense concern.