Czech Television: Czech defence industry benefits from arms boom

Czech defence companies are increasingly benefiting from the arms boom, Czech Television reported. Last year, the Defence Ministry signed contracts with arms manufacturers worth 122 billion crowns. In the first eight months of this year, contracts worth around 33 billion crowns were signed, with the vast majority going to domestic companies.

The Defence Ministry is also set to have a record budget next year, which should continue to significantly benefit Czech defence firms. Its budget stands at 155 billion crowns this year, while the Finance Ministry's draft budget allocates 191 billion for next year.

The rapid expansion of production and Czech arms exports has continued since Russia's invasion of Ukraine. Last year, Czech exports of weapons, ammunition, machinery and other technologies exceeded 115 billion crowns, setting an export record for the fourth consecutive year.