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. Last Updated: 07/27/2016

Ukraine Arms Boom

KIEV () -- Ukraine's arms industry expanded 3 percent last year despite overall plunges in industrial production, a government minister said Tuesday.

Valery Malev, the minister for machine building and military industry, told parliament that 139 factories involved in manufacturing arms produced national defense and security goods worth 37.7 trillion karbovanets ($207 million).

"Regardless of conversion, the export of arms and equipment is necessary for Ukraine, and the government will do everything to promote it," Malev told the chamber.