Ukraine to increase defense production spending by 7 times

This was reported by the government portal.

During a speech at the Defense Industries Forum, Prime Minister Denys Shmyhal said that the draft State Budget of Ukraine for 2024 would increase spending on preparing the production of defense products by 7 times – up to UAH 55.8 billion.

"Today, the Ukrainian defense industry is experiencing a new birth. 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 working with partners," the Head of Government noted.

According to Denys Shmyhal, in 2023, the Government launched several pilot projects for the production of various types of drones. Ukraine is systematically simplifying bureaucratic procedures for the production of various types of equipment and weapons.

In particular, he added that the private sector is a key partner, and Ukraine is ready to help everyone who produces high-quality weapons for our army.

According to Denys Shmyhal, Ukraine is currently working with partner countries to restore Western military equipment. In addition, issues are being worked out to create a closed cycle of production of weapons, military equipment, ammunition and their components in Ukraine

The Defense Industries Forum: what is known

President of Ukraine Volodymyr Zelenskyy first mentioned the Defense Industries Forum in early August at a conference of Ukrainian ambassadors in Uzhhorod.

On August 17, he announced that the first Defense Industries Forum would be held in the fall, which is intended to bring together Ukrainian and foreign arms manufacturers and give a new security impetus to the world.

Zelenskyy added that the Forum is planned as the first recording of Ukraine's defense industry achievements.

"To demonstrate what we already can do well. Consider what we can add to our capabilities, in particular through the creation of new production facilities in Ukraine, through localization with partners. And, of course, we have to give a new security impetus to everyone in the world who values their statehood and freedom as much as we do. Nations have the right to defense. We are building the arsenal of the free world together," the president emphasized.

Later, on September 16, Zelenskyy said that 86 of the world's leading defense companies – representing 21 countries – had already confirmed their participation in the Defense Industries Forum to be held in Ukraine this fall.

According to him, preparations for the Defense Industry Forum are ongoing, and interest in it is very high, which fully reflects Ukraine's strength and potential.

On September 25, Ukrainian Foreign Minister Dmytro Kuleba said that 165 defense companies from 26 countries had confirmed their participation in the Defense Industry Forum in Kyiv.

During the Defense Industries Forum on Friday, September 29, President of Ukraine Volodymyr Zelenskyy announced the creation of the Defense Industries Alliance and the world's first fleet of naval drones.