NATO signs $700 million Stinger missile contract as it makes plans to boost arms production

SUMMARY

NATO has signed a nearly $700 million contract for increased production of Stinger missiles, emphasizing the alliance's push to bolster member countries' defense capabilities. Outgoing NATO Secretary General Jens Stoltenberg announced the contract at a Chamber of Commerce industry event, highlighting the need for a robust defense industry. The portable Stinger missile system, produced by Raytheon, gained prominence after being supplied to Ukraine following Russia's 2022 invasion. The summit also addressed concerns over the readiness of defense industries to meet production demands. NATO members have significantly increased defense spending, with 23 out of 32 members expected to meet the 2% GDP defense spending target this year.