Czech company to invest hundreds of millions of euros to build joint defense enterprises in Ukraine
Czechoslovak Group (CSG) Corporation plans to invest hundreds of millions of euros into Ukraine’s economy to create joint defense enterprises in Ukraine to bolster the country's defense sector, BNN reported.
CSG is currently negotiating with the state-owned Ukroboronprom to start a joint venture and find suitable locations for manufacturing artillery and tank shells, as well as heavy machinery, CSG owner, Michal Strnad, said.
CSG will mainly focus on manufacturing artillery ammunition, spare parts for armored vehicles, armored steel products, and similar products. The company has experience repairing and modernizing T-72 tanks in the Czech Republic, which were supplied to Ukraine after Russia's full-scale invasion began.
CSG had a strong 2022 and plans to invest its profits in joint ventures in Ukraine. The company will face challenges due to the constant shelling of Ukrainian territory by the Russian Federation, which poses a threat to both the company and its employees.
Strnad remains optimistic, stressing that defense cooperation between Ukraine and the Czech Republic continues to strengthen.
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