Tuesday, 06 June 2023 10:29 GMT

Report: Business Booming For Arms Industries In World Due To Ukraine War

(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, Aug 5 (KUNA) -- Business is booming for weapons companies across the world due to the war in Ukraine and the international weapons build-up over fears of future Russian incursions into Europe, the Brussels Times reported on Friday.
Weapons manufacturers and defense systems companies across the world have been swamped by the sudden demand and prices for the world's largest arms manufacturers are soaring and supply can hardly keep up with demand, added the report.
'Yet this raises questions about the morality of this industry boost, While weapons manufacturers make bumper profits from the sale of weapons, ordinary citizens bear the pain and misery of the largest war in Europe since World War 2,' commented the paper.
Belgium, known in the arms trade for the companies FN Herstal and armored vehicle manufacturer John Cockerill, is also sharing the financial gains.
Belgian Admiral Michel Hofman, Chief of Defence of the Belgian Armed Forces, explained that Belgium is transitioning 'from a peace industry to a war industry.'
Belgium has its share of companies that supply military forces with vehicles, ammunition, service rifles, heavy weapons systems, aircraft parts, rocket munitions, and more to militaries across the globe.
The war in Ukraine has led to a massive boost in spending on military, as well as more general investments in the defense sector.
In June, the Belgian Government announced that it would invest EUR 1.8 billion (USD 1.84 billion) into research and development as part of its larger target of two percent of GDP defense spending. (end)


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.