Ukrainian Defence Minister Oleksii Reznikov said that "powerful players" were expected to arrive in the war-torn nation's arms market.
Addressing a news conference on Monday, he said: "By the end of this month or at the beginning of September, there will be good news about powerful players arriving on Ukraine's arms market. Several agreements will be signed."
Ukraine plans to hold an industrial defense forum around the end of September or the beginning of October, CNN quoted the Minister as saying.
“The participation of about 50 powerful players of the arms market is planned,” Reznikov added.
He further said that Ukraine has “significantly increased the production of domestic weapons”, such as 155 mm artillery shells that have already passed tests.
"The contract is being executed. The first orders are already in place, we will immediately transfer them (artillery shells) to the Armed Forces. And we plan to increase the number for their production."
Reznikov noted that while the 125 mm artillery shells are still currently being tested, there are difficulties with producing 122 mm artillery shells.
Ukraine has several missile and anti-missile programs and is discussing “how to use the funds more appropriately in this direction”, CNN quoted the Minister as saying.
“A lot of money is needed so that these programs can be put into effect in 2024-2025.
"That's why we are having a discussion: whether to spend money and buy shells now from foreign manufacturers or invest it (at home) and have missiles approximately in a year," he explained.
In his nightly address to the nation, President Volodymyr Zelensky echoed Reznikov’s comments, noting that Ukraine is "maximising production capacity” of domestic weapons.
“Artillery made in Ukraine. Shells made in Ukraine. Drones, missiles, armored vehicles. We are maximising production capacity. Ukraine can do it.
"Funding is available. Our defenCe industry will yield better results,” Zelensky said.