(Bloomberg) -- President Vladimir Putin urged the heads of manufacturers of military hardware to ramp up output and make Russia's war economy more effective.
“It is important to built an effective economy of the armed forces,” Putin said Saturday at Tactical Missiles Corp. JSC, a key producer of weapons, including missiles. “We must always be one step ahead, be ahead of the enemy. Then victory will be guaranteed.”
The meeting in Korolev, near Moscow, was attended by Defense Minister Andrey Belousov, an economist who this month replaced long-time Putin ally Sergei Shoigu in the role. Finance Minister Anton Siluanov was also present.
Read more: Putin's New Defense Chief Vows to Boost Army's Efficiency
Russia's spending on defense and national security is projected to reach 8.7% of gross domestic product this year, compared with 13% in the mid-1980s during Soviet times, according to the Kremlin.
With Russia's invasion of Ukraine well into its third year and Kremlin forces on the offensive in Ukraine's northeastern Kharkiv region, Putin appointed Belousov to make sure higher defense spending is used “wisely and efficiently,” he said this month.
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