Ukraine regards its defence industry as a lasting source of economic strength, Finance Minister Serhii Marchenko said on Saturday.

“The demand we have created in Ukraine has given rise to an economic sector that is now practically booming. It is therefore a very important part of our future,” Marchenko said at the annual meeting of the European Bank for Reconstruction and Development (EBRD) in Riga.

The key now is to strengthen the industry, provide it with development capacity and open up its military potential to a broader market, he explained. To this end, Ukraine is facing the decision to allow the export of military goods.

According to Marchenko, expanding and utilizing this potential could lead to more than just further progress in military equipment and weapons.

“I believe these developments can help create a natural civilian environment after the war. Because some of the production we currently use for military purposes can also be used for civilian purposes,” the Ukrainian official added.

With Western assistance, Ukraine is defending itself against a Russian invasion – and, in the fifth year of its defensive struggle, is regarded as a world leader in drone warfare.

At the same time, the government in Kiev hopes to receive the first tranche of funds from a €90 billion ($105.5 billion) European Union loan as early as June, which is also to be used for defence purposes. Given the ongoing war, it is quite problematic and difficult to attract private investors, said Marchenko.