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Ukraine Plans to Increase its Spending on the Defense Industry to $1.5 Billion - CNN

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Neptune cruise missile / Open source illustrative photo
Neptune cruise missile / Open source illustrative photo

The government announces the revival of the Ukrainian defense industry and allocates the necessary funds for it

The Cabinet of Ministers of Ukraine plans to spend $1.5 billion on weapons and materiel production in 2024 - a sevenfold increase compared to last year. This expenditure category is already included in the state budget for the next year.

Ukraine plans to allocate $1.5 billion for the defense industry in 2024, as announced by Prime Minister Denis Shmyhal. These plans for increased spending on the defense industry come against the backdrop of Ukraine increasingly using domestically produced missiles and drones to strike targets on Russian soil, beyond the front lines, as reported by the American channel CNN.

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First International Defence Industries Forum, Defense Express
First International Defence Industries Forum

Journalists from this channel also report that during the First International Defense Industries Forum (DFNC1) on September 29, 2023, the head of the Ukrainian government, Shmyhal, announced the "rebirth" of the Ukrainian defense industry.

“We are launching new production facilities. We are expanding those that were producing results before the full-scale invasion. We are investing in new technologies and new developments. We are ready to help everyone who produces high-quality weapons for our army,” CNN quotes Shmyhal's words.

The key slogan of DFNC1 is building the arsenal of the free world together because freedom needs strength to defend itself against tyranny

Earlier, Defense Express covered the results of the DFNC1 forum in Kyiv, as summarized by the Ministry of Foreign Affairs of Ukraine. The main achievement being the creation of the Defence Industries Alliance including 38 companies from 19 different countries.

We also reported that defense agreements were signed between Ukraine and France in Kyiv. As well as Czechia Considers Producing CZ Bren 2 Rifles and Tatra Trucks in Ukraine.

Tatra T 815-7T3R41 8x8 at the Arms and Security-2021 exhibition in Kyiv, 2021
Illustrative photo: Tatra T 815-7T3R41 8x8 at the Arms and Security-2021 exhibition in Kyiv, 2021 / Archive photo
Read more: In Ukraine Announced Results of the First International Defence Industries Forum