• Mon. Apr 15th, 2024

EU Defense Industry Strategy: Boosting Competitiveness and Cooperation

BySamantha Johnson

Mar 6, 2024
1.5 billion euros allocated by the EU Commission for the defense industry

The Commission has proposed a review of the mandate of the European Investment Bank, which currently prohibits lending to ammunition production. This was announced alongside the EU’s first defense industry strategy, which outlines measures to support the competitiveness and readiness of the defense industry. One key recommendation is for EU member states to engage in joint procurement of defense material, with 40 percent of supplies to be procured cooperatively by 2030.

To boost the competitiveness of the defense industry, the Commission plans to allocate 1.5 billion euros from the EU budget between 2025-2027. The Commission also calls for a review of the lending policy of the European Investment Bank, which currently only finances dual-use products that have civilian and military applications. Additionally, there are discussions about involving Ukrainian industry in the EU defense industry support program and potentially establishing a portfolio of commissioners focused on the defense industry in the next commission.

The European Union’s first defense industry strategy was welcomed by ASD, the European defense industry association, who emphasized the importance of member state reactions in determining its success and investment program. The strategy aims to create a more competitive and ready European defense industry while also promoting cooperation and integration within EU member states.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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