At a time when US defense giants such as Boeing, General Dynamics, Lockheed Martin and Raytheon experienced a drop in combined revenue, Turkey’s defense firms reported exceptional increases, but analysts say Turkey’s military-industrial complex has a long way to go before it produces true global giants.
According to the Stockholm International Peace Research Institute’s (SIPRI) report “Top 100 Arms-producing and Military Services Companies, 2022,” many leading Western arms manufacturers saw their combined revenues shrink. Yet four Turkish companies’ revenues went up by 22%, which made them the main driver of sales growth in the Middle East region and represented the largest annual percentage revenue increase by any region last year.
While this is an impressive feat, the bottlenecks in many of Turkey’s prestige defense projects and discussions with experts show that the Turkish military-industrial ecosystem has a long way to go before it can truly fulfill Ankara’s geopolitical ambitions.
Guns and butter and other things
