ISTANBUL (Turkey), November 28 (SeeNews) – Turkish defence producers aim to boost exports to $25 billion (20 billion euro) by 2023 from $1.5 billion this year, local news agency Anadolu Ajansi reported on Friday, citing Turkey’s Undersecretary for Defence Industries (SSM).
Turkey aims to have defence companies among the world‘s top 100 major companies and to create at least three global brands in the defence sector, SSM’s head Ismail Demir said as quoted by the news agency at the 15th International Fair of the Association of Independent Industrialists and Entrepreneurs in Istanbul.
Turkey's exports in the defence and aviation industries combined reached $1.39 billion in 2013. In 2014, the country’s defence exports stood at $1.4 billion, while its imports amounted to $1.3 billion, Anadolu Ajansi said, citing data from the Defence Industry Exporters’ Union.
Turkey spent $13.2 billion, or 1.71% of its gross domestic product (GDP), on defence this year, the news agency said, adding that as a NATO member the country is required to spend at least 2.0% of its GDP on defence.
The country plans to spend about $70 billion on military equipment by 2023, according to Anadolu Ajansi.
($ = 0.801 euro)