Europe's Weapons Industry Benefitted The most from Russia-Ukraine war: Experts

November 25, 2022 By Fakun Gram

(Image Credit Google)

According to reports, the weapons industry in Europe is creating artillery shells and other military supplies at a rate not seen since the end of the Cold War as countries in the region take the lead in attempts to support Ukraine in its confrontation with Russia. On November 24, 2022, in the midst of Russia's invasion of Ukraine, Ukrainian forces drive a tank down a road in eastern Ukraine.

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Since Russia's invasion of Ukraine on February 24th, friends have been giving Kyiv weapons and military equipment while also lowering their own stockpiles. According to experts, analysts, and government representatives who spoke to Reuters, the region's raging war has also opened up new business opportunities for the armaments industry. Putin Signs Annexation Laws Even as His Troops Faced Setbacks

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Sebastian Chwalek, CEO of Poland's PGZ, claims that the Russia-Ukraine war has caused several nations to increase their defense spending, which presents an opportunity to enter new markets and grow export earnings in the future years. Also Read: Ukrainian firm funds fight with Russia, relocating 600 employees According to Reuters, the state-owned PGZ holds stock in more than 50 companies that manufacture weaponry and ammunition, from unmanned aerial aircraft to armored carriages. According to Chwalek, they intend to invest up to 8 billion zlotys ($1.8 billion) over the next ten years, which is a twofold increase over their pre-war objective. The construction of new facilities, he continued, is being done within distance from Belarus' border with Russia for security reasons. David Hac, CEO of the Czech STV Group, spoke to Reuters about the company's plans to expand its large-caliber capability as well as its plans to build more manufacturing lines for small-caliber ammunition.

Businesses and government officials from Poland, Slovakia, and the Czech Republic claim that other manufacturers are also increasing output and vying for workers. In 2023, according to Chwalek, PGZ will build 1,000 portable Piorun manpad air-defense systems, up from 600 in 2022 and 300 to 350 in previous years—although not all of them will be for Ukraine. He said that the business had also provided Ukraine with howitzers, safety gear, handguns, and ammo. He added that they are probably going to surpass the 6.74 billion zloty income goal set before the war.

By Fakun Gram

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Europe's Weapons Industry Benefitted The most from Russia-Ukraine war: Experts

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