May 29 (SeeNews) - Serbia's defence minister Aleksandar Vulin said on Tuesday the total exports of the country's defence industry are expected to rise to $670 million (579.7 million euro) in 2018 from $570 million last year.
The exports of Serbia's defence industry have quadrupled between 2012 and 2017 as a result of the reforms carried out by the government, Vulin said in a video file posted on the website of news agency Tanjug.
As a result of the recovery of the defence industry, Serbia is able to acquire equipment at lower prices than on any foreign market, Vulin said.
"Even with small investments, Serbia's defence industry is capable of following the global trends and the most important technological advancements," he added.
Last year, Vulin said the order backlog of Serbia's defence industry totalled $687 million as of November 2017.
($ = 0.8653 euro)