French President Emmanuel Macron on Monday reaffirmed his goal of doubling France's defense budget by the end of his second term, saying military spending would reach €64 billion (nearly $74.8 billion) in 2027.
"I asked that we accelerate this defense effort further and set the objective of bringing forward to 2027 the ambition initially planned for 2030 of reaching a budget of €64 billion for our armed forces," Macron said during his annual address to the armed forces ahead of France's Bastille Day.
"€64 billion (nearly $74.8 billion) in 2027 means that, over 10 years, we will have doubled the defense budget. We have met that commitment every year, down to the last euro, and it will be achieved," he added.
Macron said France had already met its earlier commitment to raise defense spending to 2% of gross domestic product by 2025, adding that the increased investment had allowed the country to strengthen its armed forces before a series of international crises.
"Before war returned to European soil, we had already begun our rearmament," he said, referring to the war in Ukraine, instability in the Sahel and tensions in the Middle East.
Macron said the military buildup was necessary to allow France to continue supporting Ukraine and to respond to growing security challenges facing Europe.
"We have launched the war economy, but is it enough? No," he said, calling for additional public and private investment in the defense sector.
He also reiterated his support for stronger European defense cooperation, saying Europe was becoming a power capable of assuming greater responsibility for its own security.
Macron also said he "deeply regretted" the failure of the Future Combat Air System, a joint French-German-Spanish project to develop a next-generation fighter jet, and urged European partners to continue pursuing common defense initiatives.
