Ukraine’s defense-industrial complex is expanding at a rapid pace. More than 1,000 private companies are already operating in the sector, while over 2,000 startups have been registered. Approximately 80% of the Ministry of Defense’s budget is now being spent within Ukraine.
This was stated in an interview with Ukrinform by Ihor Fedirko, CEO of the Ukrainian Council of Gunsmiths.
“The growth is tremendous. More than a thousand private companies are already active on the market. Their number has increased significantly. Brave1 [Ukraine’s defense innovation cluster] reports that more than 2,000 startups are registered in its database. This is a huge ecosystem comprising over 3,000 enterprises, and it is still growing,” Fedirko said.
The CEO of the Ukrainian Council of Gunsmiths noted that many companies are now expanding through the acquisition of smaller firms.
“We see these acquisitions almost every day. Companies are acquiring technologies and teams. People are worth their weight in gold now because they are difficult to find and require extensive training. We also see that most companies are moving beyond simply addressing domestic needs and are focusing on codification, as well as securing loans to expand production,” Fedirko said.
