Rheinmetall CEO Anticipates Boost in NATO Defence Budgets

Rheinmetall's CEO Armin Papperger expressed expectations for a significant surge in NATO defence budgets, following his recent meeting with NATO head Mark Rutte. This was disclosed on Thursday.

Last week's discussions with Rutte highlighted the necessity for member nations to elevate their defence spending to 3.5% of their GDP. This move aligns with U.S. President Donald Trump's call for a 5% defence spending target, Papperger conveyed during a call with analysts.

The proposal outlined by Rutte calls for nations to contribute 3.5% of GDP to defence and an additional 1.5% to broader security-related expenditures, as relayed by individuals familiar with the discussions to Reuters.

(With inputs from agencies.)