Five companies from Turkey ranked among the top 100 global arms producers, according to a list released by the Stockholm International Peace Research Institute (SIPRI) on Dec 1.
SIPRI reported that the revenues from the top 100 companies in 2024 totaled a record-high 679 billion US dollars, up 5.9% from 2023.
“Last year global arms revenues reached the highest level ever recorded by SIPRI as producers capitalized on high demand,” stated Lorenzo Scarazzato, a researcher with the SIPRI Military Expenditure and Arms Production Programme.
The five Turkish companies on the list reported a combined revenue of 10.1 billion dollars, an 11% increase from year to year.
Among the companies, four are controlled by the state and while one, the drone manufacturer Baykar, is a private venture.
Aselsan ranked highest at 47th place with 3.47 billion dollars in revenue and a 24.4% rise.
Turkish Aerospace Industries (TAI) ranked 65th with 2.16 billion dollars, up 11.3%.
Drone-manufacturer Baykar ranked 73rd with 1.9 billion dollars, a decline in revenue of 12.4%.
Rokestan ranked 87th with 1.39 billion dollars, a 13% rise.
Mechanical and Chemical Industry Corporation (MKE) entered the top 100 for the first time, ranked 93rd with 1.21 billion dollars and a 17.4% increase from 2023.
According to SIPRI, the wars in Ukraine and Gaza, rising geopolitical tensions, and increased military expenditure all boosted demand for armaments in 2024.
Turkey's military spending, which had declined during the 2020–2022 period, has increased significantly over the past two years. In 2023, defense expenditures rose by 30% compared to the previous year. In 2024, they increased by another 27.6%, reaching 22.7 billion dollars. This accounts for 2.1% of Turkey's gross domestic product (GDP). (SH/VK)
