Ukraine to increase own defense industry production
Source: Ukraine’s economy ministry
The Minister of Economy of Ukraine, Yulia Svyrydenko, during a meeting with the Vice President of the US Institute of Peace, William Taylor, stated that Ukraine will increase the localization of its own production, particularly in the defense sector.
According to her, increasing the localization of defense production will be a driving force for the growth of the Ukrainian economy.
The minister noted that Ukraine has several important tasks to stimulate the development of the economy.
Svyrydenko explained that efforts are being made to stimulate investments in the private sector, in particular, through insurance programs that Ukraine is implementing together with international partners.
According to her, by increasing the volume of local production, the government focuses not only on domestic consumption, but also on the diversification of exports, so direct financing and guarantees of export support will provide Ukraine with economic development in the short term.
The minister also emphasized that Ukraine needs expert support and coordination of American colleagues in government initiatives, in particular, in projects to support small and medium-sized enterprises.
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