Ukraine’s Prime Minister said the Ukrainian government has already invested tens of billions of hryvnias ($1-2 billion) into its domestic military-industrial complex.

Prime Minister Denys Shmyhal made this announcement during his address at the Yalta European Strategy event in Kyiv.

“I will start by addressing what we have repeatedly discussed — the development of our military-industrial complex. The state’s investment in this sector can currently be estimated at tens of billions of hryvnias. In the future, undoubtedly, it will be hundreds of billions of hryvnias to develop, restore, and effectively empower our military tech,” he said.

Shmyhal emphasized that Ukraine counts simultaneously on collaboration with international partners and localization of production to become self-sufficient in producing modern military equipment and ammunition.

The Prime Minister stated that while Ukraine has achieved much in developing its military-industrial complex during the last two years, more detailed information on this matter cannot be shared at the moment.

As was reported, the State Concern “Ukroboronprom,” recently reformed intro “Ukrainian Defense Industry,” has climbed 24 positions and now ranks 65th in the global list of arms manufacturers by revenue.

Also, Ukraine has already concluded agreements with the British BAE Systems and German Rheinmetall on starting production of military equipment in Ukraine.