Zelenskyy announces creation of Defence Industries Alliance and Defence Fund

President Volodymyr Zelenskyy has announced the creation of a Defence Industries Alliance and the establishment of a special Defence Fund.

Source: Zelenskyy during his address at the First International Defence Industries Forum in Kyiv

Quote: "Today, at this forum, we are announcing the creation of the Defence Industries Alliance. An alliance that values international law and is capable of working for the real protection of international law. Protection of security – I'm talking not only about Ukraine, but also about the security of any nation in the world from aggression.

We have drawn up a corresponding basic declaration as the foundation of this alliance, and manufacturers of weapons and military equipment from all over the world who share our intention to provide real protection from aggression in this high-risk environment of our time can join it. Today, at its inception, 13 prominent companies have already signed this declaration, showing their readiness to build a new arsenal of the free world alongside Ukraine."

Details: The president also announced that Ukraine is developing a special economic regime for the defence industry.

In addition, Zelenskyy said a special Defence Fund will be established in Ukraine. This fund will provide additional resources, in particular for military production development, relevant cooperation support, and the creation of new military facilities and programmes that are needed for defence and to take care of Ukrainian soldiers.

"The fund's resources will be an addition to the state's expenditures on defence, defence production, and private investments. The fund will be replenished through dividends from state-owned defence assets and profits from the sale of confiscated Russian assets," the president said.

Zelenskyy said 252 defence companies producing a full range of weapons and defence systems and solutions from over 30 countries in Europe, America, Asia and Australia are represented at the Defence Industries Forum in Kyiv.

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