The Government is starting to transform the state-owned concern Ukroboronprom into the Ukrainian Defence Industry Joint Stock Company. The decision was made at a regular meeting of the Cabinet of Ministers on March 21, Prime Minister Denys Shmyhal said.

"This is not just a change of signboard, it is a reform that has been prepared for a long time before the full-scale russian invasion. Today, we more than ever need efficiency in the defence industry. We need to introduce a corporate governance model. We need to create conditions to attract investment in the production of weapons, equipment and ammunition. The relevant changes will also allow us to strengthen cooperation with our Western partners," the Head of Government said.

The Prime Minister stressed that Ukraine was striving to build one of the most powerful defence-industrial complexes in the world. This is necessary primarily for security, but it will also contribute to the economic development and recovery of the Ukrainian economy.