Turkey totals 45.4 billion TL in defense contracts

ANKARA - Anatolia News Agency

The value of the Undersecretariat for Defense Industries’ (SSM) contracted projects reached 45.4 billion TL in the last five years, an 85 percent increase. AA photo

The value of the Undersecretariat for Defense Industries’ (SSM) contracted projects reached 45.4 billion Turkish Liras in the last five years, an 85 percent increase. Of the 310 standing projects in 2012, 180 of them are bound by contract.

The same value was 24.5 billion liras in 2008, then increasing 85 percent in five years to 45.4 billion liras. While 53 percent of the total was made by local-foreign partners, 27 percent of the total figure was made by local producers. And 11 percent of the total constitutes the imports from abroad.

SSM’s biggest project is the $16 billion Joint Strike Fighter (JSF), which is followed by $3.3 billion Turkish Attack (ATAK) helicopter and 2 billion-euro New Submarine project.

Turkey’s security and aviation industry revenue is planned to reach $8 billion, with $2 billion in exports, by 2016, SSM officials said.