Ukraine to boost domestic output, including in defense industry - Vice PM

Increasing the share of domestic output of defense products will become a driving force for Ukraine’s economy growth and can be achieved soon.

This was emphasized by the First Deputy Prime Minister, Minister of Economy Yuliia Svyridenko, who spoke with  during a meeting with the Vice President of U.S. Institute of Peace, William Taylor, Ukrinform reports with reference to the Ministry’s press service.

"Ukraine has several important tasks to accomplish to stimulate economic development. Firstly, it’s covering the budget deficit and secondly, attracting investments in Ukrainian business. This balance can be achieved by localizing all production capacities in Ukraine. At the same time, the government is focused on localization of defense industry output. Recently, we have already started manufacturing heavy demining equipment and will continue to produce everything that our Army needs," Svyridenko said.

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She noted that, in order to strengthen the localization process, the government is implementing the Made in Ukraine national program, aimed at supporting Ukrainian manufacturers.

By increasing the volume of local production, the government focuses not only on domestic consumption, but also on export diversification, so direct financing and guarantees of export support will help Ukraine’s economy develop in the nearest perspective.

The First Deputy Prime Minister emphasized that Ukraine needs expert support and coordination with American colleagues in government initiatives, in particular, in projects to support small and medium-sized businesses, international aid, etc.

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The meeting was attended by Deputy Ministers of Economy of Ukraine Oleksiy Sobolev, Ihor Bezkaravainy and Ihor Fomenko, Minister of Strategic Industries Oleksandr Kamyshin, representative from the Ministry of Foreign Affairs, and representatives of U.S. Institute of Peace.

As reported, on February 9, 2024, the Cabinet of Ministers ordered to create the Industrial and Defense Committee, which will be headed by Prime Minister Denys Shmyhal. The task is to bring the Ukrainian defense industry to a new level, to form a unique support system for domestic producers, to give them more incentives, and to expand cooperation with international companies in this field.