Turkey aims to rank among the top 10 global defense exporters, buoyed by rising global military spending.
Turkey's defense sector is gearing up for significant growth, as global defense spending is projected to reach an astounding $6 trillion annually by the mid-2030s. This optimistic outlook was reaffirmed by Mehmet Şimşek, the Treasury and Finance Minister of Turkey, who stated that Turkey is among the leading nations preparing for this surge in defense spending.
Looking back, global defense outlays were just $1.2 trillion 25 years ago, a figure that has more than quadrupled in the intervening years. Turkey's strategic position and geopolitical tensions are providing the country with an edge in defense, and it is expected to join the top 10 global defense exporters this year.
The top ten leading nations in defense spending typically include the United States, China, Russia, India, Saudi Arabia, France, Germany, United Kingdom, Japan, and South Korea. Turkey is expected to join this group around the year 2030.
Turkey's economic initiative, now in its second year, has been successful, with international models spanning three to four years. The country's ratio of debt to income stands at a more manageable 92 percent, while worldwide debt relative to income stands at 325 percent, and in developing countries it reaches 245 percent.
To counter climate threats, Turkey has invested $90 billion in irrigation projects during the same period. Moreover, Turkey holds a significant advantage in defense industry exports, with nearly 1,400 ongoing projects in the country valued at over $100 billion.
In addition to defense, Turkey is also capitalising on upcoming opportunities. A planned 5G auction and investments in fiber optic infrastructure by telecom firms are on the horizon. Inflation in Turkey is expected to drop below 30 percent by year-end, marking the country's entry into the phase of disinflation and building resilience.
However, Şimşek acknowledged broader economic challenges, including global debt burdens. He described artificial intelligence as a transformative yet potentially disruptive force, and Turkey ranks well in AI readiness indices, ahead of many developing nations.
Despite external shocks, Şimşek reaffirmed his confidence in the government's economic program. Turkey has spent a staggering $1 trillion on petroleum and natural gas imports over the past 23 years, but this is a challenge the country is determined to address as it positions itself for a prosperous future in the global defense market.
Read also:
- Two farmers in Zambia take legal action against two firms with Chinese connections, alleging an ecological disaster caused by their operations.
- Deepening EU-India relations despite apprehensions regarding Moscow connections
- Ongoing Transition Towards Cleanliness
- "Revival of 'Zombie' Power Plant Proposal in Massachusetts"
