Turkey.. Defense industries make $12.2 billion in profits

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The total profits of the Turkish defense industries sector during the past year amounted to 12.2 billion dollars, while the value of research and development investments amounted to 2.1 billion dollars.

This came in a report issued by the head of the Turkish Defense Industries Administration, Ismail Demir, on Wednesday, on the sector’s performance for the year 2022.

Demir stated that there is a 20 percent increase in total profits compared to 2021, as well as a 12-fold growth compared to 20 years ago.

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He pointed out that research and development expenditures for the past year amounted to two billion and 61 million dollars, an increase of 26 percent compared to 2021.

He pointed out that research and development expenditures have increased by 40 times compared to what they were 20 years ago.

He stressed that they will continue to build the Turkish defense industry “in line with the country’s vision to reach the world” by strengthening the high industrial infrastructure, supporting design activities and increasing production.​​​​​​​​​