On 5 September 2024, Verkhovna Rada of Ukraine appointed Herman Smetanin as Minister of Strategic Industries of Ukraine, following a proposal by Prime Minister Denys Shmyhal.

Smetanin has more than 10 years of experience in the defence industry, including production. He has held the positions of chief designer, chief engineer and production director at various Ukroboronprom enterprises. He has also managed defence enterprises.

On 28 June 2023, Herman Smetanin became the head of Ukroboronprom JSC. Under his leadership, UDI was transformed from a state corporation into a joint stock company. The corporatisation of state companies began and continued, a supervisory board was appointed, and an effective anti-corruption infrastructure was created.

In 2023, the output of state-owned enterprises increased by 92% compared to 2022 and totalled UAH 82 billion.

This allowed the company to take 49th place in the TOP 100 Defence Companies 2024 ranking, which includes the world's leading arms manufacturers.