Turkey Spent $60 Billion on Defense Projects

Turkey has been heavily investing in the defense sector with local and global partners, and the rate of domestic production whereby local resources are used in the development of defense projects and equipment has increased to 65 percent, the Daily Sabah reports.

Prime Minister Binali Yıldırım said that the past 15 years have seen expansive growth in the defense industry as the country has engaged in an endeavor to increase the share of domestic production in warfare technologies and equipment. He further said that the national defense industry has achieved 65 percent in domestic production by utilizing local resources.

The prime minister also said that the total number of defense projects increased to 553, while 15 years ago there were only 66. The cost of these projects exceeded $60 billion as Turkey spent $5 billion in these projects in the said period. The total turnover of the industry also rose to $6 billion from $1 billion.

According to the data obtained from the Undersecretariat of Defense Industries (SSM) as of 2016, total sales in the defense and aeronautics sector by defense industry firms and the size of the entire defense and aeronautics sector turnover reached $5.9 billion. Moreover, defense industry products exports, which are of critical importance in terms of the sustainability of the sector, increased to $1.6 billion.

Turkish defense firms ASELSAN, Turkish Aerospace Industries (TAI) and ROKETSAN are among the prominent 100 global defense firms, according to the report.

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By 대한민국 국군 Republic of Korea Armed Forces - commons file, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=62163311

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