Türkiye Aims for Top 10 in Global Defense Exports as Worldwide Spending Soars

Türkiye’s thriving defense sector is poised to benefit as global defense spending is projected to reach $6 trillion annually by the mid-2030s, fueled by NATO’s recent commitments, Treasury and Finance Minister Mehmet Şimşek has stated, The Caspian Post reports citing Turkish media.

Current levels stand at around $2.7 trillion, he noted during a live broadcast where he discussed key economic developments.

Şimşek pointed out that Türkiye is among the leading nations preparing for this surge.

"We hold a significant advantage in defense industry exports," he said.

With nearly 1,400 ongoing projects valued at over $100 billion, Türkiye is on track to enter the top 10 global defense exporters this year.

The minister also addressed broader economic challenges, including global debt burdens.

He explained that worldwide debt relative to income sits at 325 percent, while in developing countries it reaches 245 percent.

In contrast, Türkiye's ratio is a more manageable 92 percent, which bolsters its potential for faster growth.

On emerging technologies, Şimşek described artificial intelligence as a transformative yet potentially disruptive force.