BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Ukraine and the Aerospace and Defense Industries Association of Europe have signed a memorandum of understanding to strengthen defense industrial cooperation. The initiatives are designed to attract greater EU investment in Ukraine's defense sector and deepen industrial ties between the two sides.
The MOU was signed at the second EU-Ukraine Defense Industry Forum, held in Brussels.
More than 500 representatives from EU and Ukraine defense industries came together to strengthen cooperation between both sides, to encourage joint procurement and help Ukraine to obtain capabilities in priority areas. A strong and capable defense industry is crucial to put Ukraine in a position of strength to defend itself and deter any future aggression by Russia, the European Commission said.
In the margins of the Forum, a newly announced EU-Ukraine Task Force on Defense Industrial Cooperation also met for the first time, paving the way for potential flagship projects between the EU and Ukrainian defense industries.
This partnership will enable Ukraine to participate in joint procurement initiatives and allow EU member states to purchase from Ukrainian defense industries.
The EU is the largest public investor in the Ukrainian defense industry, with a significant investment of 1.4 billion euros from 'windfall profits', which are obtained from net profits from immobilized Russian Central Bank assets. This support will accelerate the production of military equipment, from artillery systems to drones, significantly supporting Ukraine's defense efforts, bolster Ukraine's economy and the EU's long-term security guarantees to Ukraine, according to the European Commission.
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