The investment would cover multiple systems, such as radar and anti-aircraft weapons systems as well as electronic warfare platforms.
Sweden's government announced on Thursday that it was investing $916 million (€796 million) in air and drone defence capabilities.
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The investment would cover multiple systems, such as radar and anti-aircraft weapons systems as well as electronic warfare platforms.
The defence package accounts for more than half of money set aside to increase the country's defence capabilities, as per a government announcement in January.
Swedish Defence Minister Pal Johnson said in a statement it was "more important than ever to invest in air defence capabilities," a stance all countries in the NATO military alliance endorse.
"NATO Secretary General Mark Rutte has said that we will need to see an increase of more than 400% in air defence capabilities within the NATO alliance," Johnson added.
The government said it had signed deals with manufacturers including Saab and BAE Systems Bofors, a Swedish subsidiary of the UK's BAE Systems weapons-maker.
Deliveries are slated to begin in 2027, which Jonson noted was "relatively fast" in an environment where Europe's defence industry is facing pressure to keep up with constantly increasing demand.
This week, US President Donald Trump expressed frustration with NATO, which he again labelled a "paper tiger," and US Secretary of State Marco Rubio warned that Washington was "going to have to re-examine" its relationship with the alliance.
Their comments came as the US renewed its accusations against European allies of "piggy-backing" on US defences, while dismissing the need to beef-up domestic capabilities.
Jonson said he did not see it as the US intending to leave the alliance but that it was clear that Europe needed to shoulder a greater defence burden.
"The obvious answer to that is that Europe must take much greater responsibility for its own security by investing heavily in its armed forces," Jonson said.