Many foreign investors are interested in the development of the Ukrainian defense industry, the minister of the economy said during the Second International cities and regional summit in response to a question from Kyiv Post’s correspondent.

“What interests most investors? Many are attracted to our defense-industrial complex. They all understand that the war in Ukraine is providing a great opportunity to really test technologies and [defense related] innovations,” she said.

Svyrydenko said that not only were the weapons produced by Ukraine’s defense industry vital for its own protection, but investors understand that its military products have great potential for foreign business.

“We have to provide not only for ourselves but also to consider the prospects for exporting weapons in the future That's why we see our defense-industrial complex attracting the attention of large numbers of potential investors,” she said.

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What is the cities and regions International summit?

The Second International summit of cities and regions took place in Kyiv on Thursday, May 9 with the slogan: “As strong as united.” More than 200 participants attended.

This event brought several Ukrainian and foreign local representatives together on one platform with the aim of developing partnerships, providing support, and exchanging experience to establish and guaranteeing peace and security directed towards securing victory for, and the recovery of, Ukraine.

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This 'leak' comes with the appointment of economist Andrey Belousov as defence minister being seen by Western analysts as a move to prepare the Russian economy for a prolonged war.

The conference was opened by Ukrainian President Volodymyr Zelensky whose address to the audience spoke about Ukraine’s aspirations for a future in Europe and the need for continuing support for the defeat of Russia.

Zelensky spoke about how the Europe of today, which was historically a source of conflict between competing nations, has became a pillar of peaceful coexistence.

Last year's summit, attended by representatives from more than 50 different Western states and communities, attested to its potential as a platform for effective interaction between Ukraine and international partners.

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Ukraine may once again become a powerful exporter of weapons.

Ukraine has had to rapidly develop its domestic defense industry in response to what has become the largest war in Europe since the second world war. The success this has achieved shows it has the potential to return to its previous global position as an exporter of weapons and munitions.

The Stockholm International Peace Research Institute (SIPRI) ranked Ukraine ninth in the list of the largest exporters of weapons in 2015.

More information on this subject can be found here.

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