Türkiye Set to Crack Top 10 Global defense Exporters as Worldwide Spending Surges
ISTANBUL – Türkiye is poised to become a major player in the booming global defense market, aiming for a spot among the top 10 exporters this year as worldwide military expenditure is projected to reach $6 trillion annually by the mid-2030s, Treasury and Finance Minister Mehmet Şimşek announced today.
Currently, global defense spending stands at approximately $2.7 trillion, Şimşek stated during a live broadcast discussing key economic developments. He highlighted Türkiye’s proactive position, noting the nation is “among the leading nations preparing for this surge.”
“we hold a meaningful advantage in defense industry exports,” Şimşek said, pointing to nearly 1,400 ongoing defense projects valued at over $100 billion.
The minister also addressed the broader economic landscape,noting global debt currently represents 325% of worldwide income,rising to 245% in developing countries. Türkiye, though, maintains a comparatively manageable debt-to-income ratio of 92%, positioning it for perhaps faster economic growth.
Şimşek also touched on the transformative potential – and potential disruption – of artificial intelligence, stating Türkiye ranks favorably in AI readiness indices compared to many developing nations. He highlighted upcoming opportunities including a planned 5G auction and investments in fiber optic infrastructure by telecom firms.
Geopolitical tensions are further bolstering Türkiye’s defense sector, with global defense outlays having tripled from $1.2 trillion just 25 years ago.
Addressing long-term economic factors, Şimşek revealed Türkiye has spent $1 trillion on petroleum and natural gas imports over the past 23 years – nearly double the country’s combined public and private external debt. The nation is also investing heavily in climate resilience, having allocated $90 billion to irrigation projects over the same period, with plans for further investment.
Despite external challenges including regional conflicts and a domestic disruption in March, Şimşek reaffirmed confidence in the government’s economic program. “We’ve maintained financial market stability and are now entering the phase of disinflation and building resilience,” he stated, projecting inflation to fall below 30 percent by year-end – a timeline consistent with international models that typically require three to four years to achieve similar results.
