Borrell urges EU countries to invest in defense industry

European weapons stockpiles have been depleted due to the conflict in Ukraine, EU High Representative for Foreign Affairs and Security Policy Josep Borrell said on social media, Report informs.

Borrell called on EU countries to attract investment to develop the defense industry and strengthen defense capabilities, as well as continue to provide significant military support to Ukraine.

According to him, currently, 90% of the union's entire defense industry is concentrated in several EU countries. The industry's annual turnover is about 70 billion euros and employs 500,000 people.

"It provides about 40% of European defense needs, which means that our armies import most of the weapons and equipment they use," Borrell said. According to him, over the past two years, 78% of defense purchases were carried out outside the union.

Earlier, the EU presented a new strategy for the development of the European military-industrial complex, according to which the main task for the near future will be to increase funding for the industry, rather than production volumes.