The Government of Ukraine plans to increase Ukrainian defense production in 2024.

Prime Minister Denys Shmyhal announced this at a government meeting on January 3.

“The production capacity of the Ukrainian defense industry tripled in 2023. The ambitious goal for this year is to grow six times,” the Prime Minister outlined.

Developing the defense industry’s capabilities should increase the production of drones, shells, ammunition, and armored vehicles for the military.

This year, Ukraine plans to spend over UAH 265 billion on the purchase, production, and repair of weapons.

The government will also allocate more than UAH 750 billion to pay Ukrainian servicemen.

Denys Shmyhal noted that the Cabinet of Ministers will allocate over UAH 1.1 trillion of last year’s budget revenues to the defense and security sector.

“We are steadily increasing our own budget revenues, primarily customs and tax revenues. More than UAH 1.1 trillion of taxes, duties, and other payments were received by the general fund of the state budget last year. All these funds are directed to security and defense,” Denys Shmyhal said.

President of Ukraine Volodymyr Zelensky recently also stated that the Ukrainian defense industry employs about 300,000 people.

“This is one of the greatest achievements of our country in several years. The Ukrainian defense industry is not just being restored – it is becoming as productive as it needs to be for a modern, technological war,” Volodymyr Zelensky said.

Zelensky noted that many state-owned enterprises that had not been operating for decades have now launched production, including new types of weapons.

“We have absolutely clear goals for artillery, drones, missiles, and armored vehicles. One of our biggest political results this year is an agreement with our partners, in particular with the United States, on our joint production of weapons. Creation of new production facilities. Localization in Ukraine. Expansion of the repair base,” the President pointed out.