The Flemish Participation Company (PMV) is establishing an ethics committee to oversee future military investments involving government funds.
In April, the Flemish Government agreed on a defence plan that prioritises the creation of a Defence Fund to gather up to €1 billion for investments in the defence sector.
PMV has been tasked with managing this fund and, until its formation, will conduct investments from its own balance sheet, as announced on Wednesday.
The defence plan also led to the abolishment of the Muyters circular. This directive, introduced by former Economy Minister Philippe Muyters (N-VA), allowed government support for defence research and development only if the technology had both military and civilian uses.
However, PMV aims to ensure ethical compliance by consulting an external, independent ethics committee when assessing technologies primarily for military use. Notably, funding for weapon systems that violate international law will be prohibited.
The upcoming Defence Fund will be financed by an increased capital injection into PMV and private investments.
