Ukrainian president urges technological upgrade for defence industry

Ukrainian President Viktor Yanukovych on Friday called for technological upgrade for the country's defense industry."The domestic defense industry should produce military equipment and weapons that meet modern standards," Yanukovych said during a meeting of the National Security and Defense Council.The military-industrial complex is the basis of a country's defense modernization, Yanukovych said, adding that the government will ensure that the sector will produce high-tech and high-accuracy weapons and military equipment.Yanukovych also said that the industry should explore ways to expand overseas sales amid increasing competition in the global market.Ukraine ranks among the top 10 global arms-exporting countries with some 60 countries as its customers. Armored vehicles, anti-tank missiles and radars are among Ukraine's best-selling arms in the global market.The Ukrainian government intends to attract investment of some 588 million U.S. dollars for the defense industry upgrade in 2013-2014.