Yahoo Finance Italy and France sign letter of intent to boost European defence industry
ROME (Reuters) - Italy and France on Monday signed a letter of intent to create a joint industrial hub for ground defence involving companies from both countries, an Italian defence ministry statement said, looking to boost the European defence industry.
The announcement came after a meeting in the Mediterranean island of Corsica between defence ministers Guido Crosetto and Sebastien Lecornu, who also discussed the situations in the Middle East and Ukraine.
"It is crucial to bring together all the best European technologies and to make ever-stronger hubs, because we will need significant investment to keep up with technological evolution," Crosetto said.
The statement from his office said the programme would aim to "strengthen industrial cooperation and Europe's defence capabilities through the joint development of new land platforms."
The plan will add to other cooperation initiatives involving French and Italian companies.
Italy's main defence conglomerate Leonardo has already teamed up with France's Thales through two separate joint ventures, satellite services company Telespazio and space manufacturer Thales Alenia Space.
"The strategic alliance will enable the implementation of collaborative programmes between European nations through the strengthening of industrial bases and the development of the future generation of platforms," the Italian statement said, mentioning a planned next-generation tank known as the Main Ground Combat System (MGCS).
(Reporting by Angelo Amante, editing by Alvise Armellini and Toby Chopra)
