Copyright © 2024

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

Bloomberg: EU aims to bolster defense sector with critical material access

Charles Michel, President of the European Council, met with defense industry leaders to discuss long-term contracting and material access.
Charles Michel
President of the European Council Charles Michel in Kyiv on 21 November 2023. Credit: Presidential Office
Bloomberg: EU aims to bolster defense sector with critical material access

The European Union is exploring measures to ensure the defense industry has priority access to critical materials during crises and to enhance predictability in contracting.

The push for bolstered defense capabilities comes in the wake of Russia’s invasion of Ukraine and years of underspending by EU member states, according to Bloomberg.

Charles Michel, President of the European Council, intends to address these concerns at the upcoming EU leaders summit, focusing on mechanisms for prioritizing the defense sector over civilian goods in material scarcity situations and securing long-term contracts for defense companies, Bloomberg reported, citing an EU official familiar with the matter.

Michel recently met with top executives from major defense firms, including Rheinmetall AG, Airbus SE, and Saab AB, to discuss industry demands for more predictable defense spending through long-term government contracts. This move, they argue, would enhance production capacity and readiness. The industry also expressed concerns about accessing essential raw materials, critical minerals, and chemicals, advocating for a mechanism to ensure availability amid civilian sector prioritization.

The EU’s reliance on critical materials has been a growing concern, especially with fears of China’s potential leverage over key resources. This issue has become more pressing in the global race to develop clean and digital technologies.

According to Bloomberg, discussions also highlighted the European Investment Bank’s crucial role in boosting defense industry investments. Talks are underway to broaden the definition of dual-use goods, allowing for increased financing to military companies and infrastructure projects with dual military and civilian purposes.

Participants called for improved cooperation between governments and companies, with a focus on adequate financing, regulatory flexibility, reduced bureaucracy, and harmonizing national standards.

EU unveils sweeping strategy to get “defense ready” amid Russia-Ukraine war

The European Union has unveiled a new strategy aimed at boosting the bloc’s defense industrial base and military preparedness in the face of Russia’s protracted war against Ukraine and rising geopolitical tensions.

In a major policy address on 11 March, Josep Borrell, the EU’s High Representative for Foreign Affairs and Security Policy, laid out the urgency of ramping up arms production capabilities after two years of arming Ukraine from existing stockpiles that are now depleted.

Read also:

You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here

    Will the West continue to support Ukraine?
    • Know what moves the world.
    • Premium journalism from across Europe.
    • Tailored to your needs, translated into English.
    Special discount
    for Euromaidan Press readers
    Euromaidan Press

    We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!

    Related Posts