Northern Europe aims to boost investments in Ukraine’s defense industry

Countries in Northern Europe are keen to invest in Ukraine’s defense industry, as stated in a joint declaration from the Ukraine – Northern Europe Summit held on Oct. 28 in Iceland, according to the Ukrainian presidential office. 

Currently, these countries have allocated €195 million in procurements through Ukraine’s defense industry. 

The statement stresses that “extraordinary revenues from immobilized Russian assets could be one possible source for funding such initiatives.”

The summit showed that Ukraine’s partners are committed to continuing and strengthening support for the Ukrainian military’s defense capabilities.

“The Nordic countries already made substantial contributions through bilateral and multilateral donations, including ammunition of various calibers, as well as efforts to strengthen European ammunition production capacity, such as ASAP, and national decisions to increase heavy ammunition production,” the statement reads.

Participants at the summit said that Ukraine’s struggle for independence, sovereignty, and territorial integrity within internationally recognized borders directly contributes to Euro-Atlantic security.

“The Nordic countries attach special importance to developing deep, comprehensive and long-term security cooperation with Ukraine and ensuring a secure future for both Ukraine and the Nordic countries for generations to come,” the statement reads.

The summit participants also expressed their support for President Volodymyr Zelenskyy’s Victory Plan, affirming their intention to “contribute to its implementation” and underscoring that “Ukraine’s future place is in NATO.”

The fourth Ukraine – Northern Europe Summit took place in Reykjavík and was attended by the prime ministers of Iceland, Denmark, Norway, Sweden, Finland, and Ukraine’s president.