Ukrainian production capabilities could see a dramatic increase, with the possibility to manufacture an additional $10 billion in weaponry by 2024, given the necessary funding, according to Strategic Industries Minister Oleksandr Kamyshin. He made this announcement at the EU-Ukraine Defense Industries Forum on May 6.
The event in Brussels brought together over 350 attendees, which included EU representatives, national government officials, members of European and Ukrainian defense industries, industry associations, as well as strategic partners, all aiming to strengthen defense collaboration with Ukraine.
As per estimates by the Strategic Industries Ministry and reported by Radio Free Europe/Radio Liberty (RFE/RL), Ukraine’s defense sector has the potential to start productions valued at $20 billion annually.
The plan includes securing contracts worth $6 billion and raising another $4 billion through internal Ukrainian sources. Partners are expected to contribute the remaining $10 billion.
“It is my prioritized duty to secure the additional financial resources for Ukraine’s defense forces. We have the manufacturing capability and now need the funding,” remarked Kamyshin.
Kamyshin further stated, “There’s uncontracted capacity available and we hope to finance it through European contributions.”
The Strategic Industries Minister noted investments in Ukrainian armaments from Denmark and Canada, and expressed the Ukrainian government’s ongoing search for extra funds to diversify weaponry production.
Ukraine is well-equipped to manufacture a range of military equipment, from armored vehicles to unmanned air and ground systems. “This assistance to our Armed Forces will be the quickest and most effective path forward… Some items can be produced in a very short time span,” he added.
Making an announcement at the forum, EU Internal Market Commissioner Thierry Breton disclosed the initiation of efforts to establish the new Defense Innovation office in Kyiv.
This new office is expected to facilitate Ukraine’s greater integration into European defense initiatives and also enable European nations to gain insights from Ukrainian military expertise gleaned from combat experiences.
In a related report, Minister Kamyshin revealed that Ukraine’s $40 billion defense budget for the year includes $6 billion earmarked for arms procurement, per an Interfax-Ukraine briefing on April 14.
FAQ Section
- What is the current gap in funding for Ukrainian weapon production?
The gap is currently at $10 billion for the year 2024. - What event did Strategic Industries Minister Oleksandr Kamyshin speak at?
He spoke at the EU-Ukraine Defense Industries Forum in Brussels. - What is Ukraine’s potential annual production value in the defense sector?
Ukraine has the potential to launch production worth $20 billion per year. - Which countries have invested in the Ukrainian arms industry?
Denmark and Canada have made investments in the Ukrainian arms industry. - What will the new Defense Innovation office in Kyiv do?
It will assist Ukraine in integrating further into European defense programs and allow European countries to benefit from Ukrainian military experiences.
Conclusion
In sum, Ukraine’s Strategic Industries Ministry has laid out a bold vision to expand the country’s defense industry with the ability to produce weaponry on a large scale, provided sufficient financial backing is secured. With the EU-Ukraine Defense Industries Forum serving as a platform for future investment and a significant defense budget already delineated, Ukraine stands at the cusp of potentially upgrading its defense capabilities significantly. This progress would be a stride not only for the country’s security but for its closer ties and integration with European defense mechanisms, representing a collaborative effort in enhancing regional stability.
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