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Turkey’s defense industry suffers setback but future remains promising

The Turkish defense industry saw a significant decline in its revenues last year according to newly released data, but companies in the sector remain optimistic about their growth prospects.
People look at military weapons on May 9, 2017, during the opening day of the 13th International Defense Industry Fair in Istanbul.

Turkey’s defense industry has been a rising star in the country’s economy in recent years, attracting well-established entrepreneurs and novices alike. Pro-government business people — in particular those eager to draw close to President Recep Tayyip Erdogan — have vied fiercely for a place in a sector where political dividends are as high as economic ones.

Yet a newly released report by the Defense and Aerospace Industry Manufacturers Association (SASAD), widely seen as the most reliable and least politically contaminated overview of the sector, shows the growth of the industry remains prone to external headwinds and political risks.

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