Zelensky highlights funding gaps in Ukraine's defense industry
Ukrainian President Volodymyr Zelensky has highlighted the potential of Ukraine's defense industry, estimating it as a $44 billion sector. However, he pointed out that production is cut by nearly half due to a lack of financial resources. Meanwhile, Russia's missiles reportedly rely heavily on foreign components for their construction.
During his address to participants at the Defense Industry Forum in the Netherlands on June 24, Zelensky emphasized the enduring threat posed by Russia. "We all acknowledge this is a long-term threat, and that threat is Russia. But we're not alone facing it; we're opposing both state and non-state actors supporting this aggression," he stated.
According to Zelensky, this "network" supporting Russia includes countries like North Korea, Iran, and some Chinese companies, as well as "many, many schemers" globally. Ukraine's priorities are clear - co-production of weapons and sanctions against companies collaborating with Russia. Investment and technology have been pinpointed as crucial issues for production. Zelensky expressed that the potential of Ukraine’s defense sector exceeds $44 billion.
"This covers nearly a thousand military assets, from artillery to drones, advanced missile warfare systems, and rockets. But around 40% of this potential lacks adequate funding, and that's a problem," he noted.
Zelensky explained that while Ukraine is capable of producing about 8 million drones of various types annually, financial limitations remain a hurdle. In contrast, Russia leverages its oil revenues and resources from Iran and North Korea, alongside corrupt dealings with other countries.
"Our collective solidarity is the best response to Russia's military network," Zelensky asserted.
He urged partners to boost investment in joint weapon production with Ukraine, assuring that all arms produced by Ukrainians will contribute to Europe's security framework.
Zelensky reiterated that there is no indication that Russian President Vladimir Putin intends to halt the conflict. Russia consistently dismisses peaceful propositions, including those from the US. Ukrainian intelligence has also confirmed Russia's plans for new military operations on NATO territory. The Ukrainian leader called on European nations to increase their defense budgets.
"It's better to curb Russia where the war began," he emphasized.
Additionally, Zelensky mentioned that no remarkable Russian weapon is produced without materials or components from foreign origins. These foreign parts are present in every missile and most drones used by Russian forces.
Reminder: President Volodymyr Zelensky has acknowledged being fatigued by the war in Ukraine and expressed that he is “always ready” to cede power if the nation wishes for a change.