News - Turkey to increase defense budget by 150% in 2024

Turkey will allocate more than $40 billion to its defense budget in 2024, marking a 150% increase from this year's budget, Reuters reported. In 2023, Turkey allocated around $16 billion for defense and security. On Tuesday, Turkey's parliament voted to extend the mandate that allows its security forces to conduct cross-border operations in Syria and Iraq for another two years. Vice President Cevdet Yilmaz also said the government aimed to almost double defense industry exports to $11 billion from the current $6 billion. Yilmaz added that the Turkish defense industry was seen increasing its self-sufficiency to 85% from 2023's 80%. Ankara faces challenges in military procurement after the U.S. administration excluded Turkey from the F-35 joint program due to Ankara's purchase of a Russian S-400 missile system in 2017. The U.S. has also blocked a $20 billion Lockheed Martin (LMT.N) F-16 fighter jet deal, over Turkey's objections to Sweden joining NATO. In addition, some NATO members, particularly Canada, Germany, and France, have imposed unofficial arms embargoes on Turkey following its unilateral military operations in Syria in recent years.