Turkey's Unique Geo-strategic Position Influences the Country's Defence Procurement Policies, Says Frost & Sullivan

Turkey's Unique Geo-strategic Position Influences the Country's Defence Procurement Policies, Says Frost & Sullivan PR Newswire LONDON, Dec. 17, 2012 - Frost & Sullivan forecasts indicate that Turkey's defence budget will continue to rise steadily LONDON, Dec. 17, 2012 /PRNewswire/ -- Turkey is 15th among the global top military spenders and 6th in Europe, accounting for 1.1 per cent of global military spending for the year 2011. The state's unique geo-political condition, where both domestic and foreign security threats remain a genuine concern, has encouraged sustained military spending in contrast to global trends. However, Turkey's main procurement agency, the Undersecretariat of Defence (SSM), has expressed its commitment to reducing Turkey's dependence on foreign procurement and that the modernisation trends should be considered within this context. Frost & Sullivan's recent study on "Revenue Opportunity & Stakeholder Mapping - Turkey Defence Market," finds that the market earned revenues of USD 18.76 billion in 2012 and estimate it to reach USD 24.70 billion in 2021. The Compound Annual Growth Rate (CAGR) is calculated at 3.29 per cent (2011-2020). "Turkey's bilateral position as a North Atlantic Treaty Organisation (NATO) member with significant West Asian associations is being leveraged to drive growth in its domestic defence market," says Frost & Sullivan Research Analyst Yasha Izadpanah, one of the authors of the study.