Ukraine's state-owned defense company, the Ukrainian Defense Industry (Ukroboronprom), was ranked for the first time in history among the top 50 global defense companies by Defense News, Strategic Industries Minister Alexander Kamyshin said on Aug. 8.
Ukroboronprom is a leading strategic manufacturer of weapons and military hardware in Ukraine. The association includes enterprises that develop, manufacture, sell, repair, and modernize weapons, military equipment, and ammunition.
Ukroboronprom was ranked 65th last year, moving up by 16 positions in 2024.
According to Kamyshin, Ukroboronprom is growing the fastest of the world's 100 largest defense companies. In 2023, Ukroboronprom's revenue grew by 72% to $2.2 billion, the minister added.
"The goal of the entire Ukrainian defense industry is the same - to produce as many weapons as possible for the Defense Forces, to produce them (weapons) as quickly and efficiently as possible, to adapt and modernize (them) every minute to save the lives of our soldiers," Kamyshin wrote on his Telegram channel.
The minister expects the defense industry to become "one of the most important export destinations for the Ukrainian economy" after Ukraine's victory over Russia.
Since the start of the all-out war, Ukroboronprom has relocated much of its production abroad and reduced its activities in Ukraine.
In July, Ukroboronprom opened a representative office in Washington as Kyiv seeks to strengthen defense partnerships abroad amid Russia's war.
Elsa Court
