Ukraine Strengthens Defence Industry with New European Joint Ventures

Ukraine is establishing three new joint ventures with European weapon producers to enhance arms production amid the ongoing war with Russia. Several Western companies, including those from Germany and Lithuania, are partnering with Ukraine. The defence production sector now contributes significantly to Ukraine's GDP.

Ukraine is advancing in its quest to bolster its defence industry by setting up three new joint ventures with European weapons manufacturers. According to Yulia Svyrydenko, Ukraine's first deputy prime minister and economy minister, these ventures are vital due to the ongoing conflict with Russia.

Currently, five joint ventures are established, including partnerships with companies from Germany and Lithuania. The deputy prime minister disclosed further agreements are near finalization but withheld specifics about these new ventures.

In the wake of Russia's full-scale invasion, Ukraine's military production has surged. The defence industry now holds a more substantial portion of the economy, contributing 1.8% to GDP in early 2024, up from 0.3% in 2021, underscoring the industry's growing importance.

(With inputs from agencies.)