Zelensky signs law on reforming Ukroboronprom – state concern head

KYIV. Oct 4 (Interfax-Ukraine) – President of Ukraine Volodymyr Zelensky has signed a law on the reform of the state concern Ukroboronprom, which is a point in the long and difficult process of forming a new legislative foundation for the development of the Ukrainian state defense industry, Ukroboronprom CEO Yuriy Husev said.

"President of Ukraine Volodymyr Zelensky signed the Law on the reform of the State concern Ukroboronprom. This event is a point in a long and difficult process of forming a new legislative foundation for the development of the Ukrainian state defense industry. And at the same time, this event is a new starting point for the Ukrainian defense industry," wrote Husev on his Facebook page.

According to him, such a step will allow strengthening the defense capability of Ukraine, structurally restarting 118 disparate enterprises of Ukroboronprom, 21 of which are still in the temporarily occupied territories.

It will also allow introducing modern approaches to corporate governance that will protect them from corruption risks, conflicts of interest and direct political influence, and will allow creating joint ventures with domestic and foreign partners.

In addition, it will allow transferring technologies and attract direct (including foreign) investments in order to manufacture modern weapons and military equipment, primarily for the needs of the Armed Forces of Ukraine.