For example, the EC proposes to reduce the time required to obtain permits for military facilities and production facilities from several years, as is currently the case, to two months.

The EC also proposes to simplify EU regulations for military procurement, facilitate the shipment of military goods from one EU country to another, and encourage our banks and investors to invest in defense companies and projects.

Dombrovskis notes that so far several Latvian companies have already successfully competed in tenders for European Defence Fund funding."The good news is that we are also reducing bureaucracy for companies that will want to apply for fund funds in the future," the commissioner believes.

As reported, the EC on Tuesday presented proposals to reduce bureaucracy in the field of defense in order to simplify the attraction of EU, national and private funds to the EU defense industry.

The war in Ukraine and concerns about the credibility of the United States under President Donald Trump have prompted Europe to increase arms production.

"The only way to ensure peace in Europe is to make sure we are ready to defend ourselves," stressed EU Defence Commissioner Andrius Kubilius. He noted that the EC has put forward ambitious proposals to reduce bureaucracy.

The EC wants to shorten the time it takes to obtain permits for defense projects from several years, as is the case now, to 60 days.

A senior EU official cited the example of a munitions testing plant that would have to comply with a myriad of environmental, health and safety regulations."It could take up to three or four years," the official said.

The bloc also aims to make it easier for companies to access EU funding and clarify investment rules, which have so far often discouraged asset managers from investing money in the defense sector.