Ukraine urges West to boost investment in local defence industry
On Monday, new Ukrainian Foreign Minister Andrii Sybiha appealed to Western countries to purchase weapons for the Ukrainian army from Ukrainian manufacturers and called for investment in his country's defence industry.
Minister Andrii Sybiha stated that this is currently the best way to increase military assistance to Ukraine. "Our defence industry is growing at a rapid pace and can produce much more with additional investment. It is also faster and cheaper for our partners.," the minister wrote on platform X.
Sybiha assessed that every dollar or euro invested in weapons for Ukrainian soldiers is "the best security investment for long-term Euro-Atlantic stability" - Some of our partners already buy from Ukrainian manufacturers. We urge them to increase investment and others to follow suit - emphasized the head of Ukrainian diplomacy.
On Friday, Lithuanian Defense Minister Laurynas Kasčiūnas announced that his country would allocate €10 million (approximately $15 million CAD) to Ukraine to purchase long-range weapons from its manufacturers. He also called on allies to form a coalition to finance the Ukrainian defence industry.
Prime Minister Denys Shmyhal reported in the fall of 2023 that Ukraine wants to increase defence and military equipment spending to $1.6 billion CAD in 2024 to strengthen its defence industry. The authorities in Kyiv are ramping up efforts to produce their own weapons due to concerns that supplies from the West may drastically decrease.
In June, the State Statistics Service reported that weapon production in Ukraine increased by 25% in the first quarter of this year compared to the same period last year.
The Ekonomichna Pravda portal reminded that in June, the Danish government allocated $230 million CAD to support Ukraine's defence industry, and the state-owned Ukroboronprom signed a memorandum to create a joint venture with the American company Amentum Services.
Also in June, Ukroboronprom announced the opening of the first weapons repair and production facility, which was launched with Rheinmetall, a leading German defence company. In March, the authorities of this conglomerate informed about the planned opening of at least four artillery ammunition factories in Ukraine.
