**Ukraine’s President Sets Ambitious Goal for Domestic Arms Production**
In a bid to boost its military capabilities and reduce reliance on foreign-made weapons, Ukrainian President Volodymyr Zelenskiy has set an ambitious goal of having 50% of the country’s weaponry produced domestically within six months. This target was announced as part of a broader effort to strengthen Ukraine’s economy and defense industry.
The move comes amid ongoing tensions with Russia, which has been waging war on Ukraine for four years now. Diplomatic efforts to bring an end to the conflict have stalled in recent times, making it essential for Ukraine to develop its own domestic arms industry.
Zelenskiy’s plan involves expanding production capabilities and increasing the proportion of Ukrainian-made weapons used at the front and in operations from the current 40%. This would be achieved by partnering with Western countries to develop joint production of weaponry. The president emphasized that this goal is achievable, but not easy, highlighting the importance of boosting domestic production.
**Background: Ukraine’s Military Efforts**
Ukraine has long recognized the need to boost its military capabilities and reduce reliance on foreign-made weapons. Zelenskiy has previously stressed the importance of developing drone interceptors as a practical way to counter swarms of drones used by Russian forces. In recent weeks, the country has allocated $6.2 million for a drone interceptor program to defend against intensifying Russian drone and missile attacks.
The president’s announcement also saw a reshuffle in Ukraine’s government, with Yulia Svyrydenko being nominated as prime minister. Outgoing Prime Minister Denys Shmyhal will take on the role of defense minister. The nominations require parliamentary approval and aim to bring fresh perspectives to addressing the country’s economic and military challenges.
**Context: Global Market Developments**
The news from Ukraine comes amidst a backdrop of global market developments, including Walmart’s Mexico unit reporting a 10% dip in its second-quarter net profit despite sales growth. Additionally, Canada has announced steel tariffs on some trade partners to protect its domestic industry.
However, the focus remains on Zelenskiy’s plan to boost Ukraine’s military capabilities through increased domestic production. As the country seeks to strengthen its defense industry and revive its economy, this ambitious goal is likely to be closely watched by international observers.
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