BAKU, Azerbaijan, April 14. An Investment Fund for Innovative and Advanced Technologies has been established to develop the Turkish defense industry, Trend reports via TurkicWorld.
In connection with the establishment of the fund a ceremony was held in the conference hall of the Turkish Defense Industry Agency.
The event was attended by the President of the Turkish Defense Industry Agency Ismail Demir, Director of the Defense Industry Technology General Directorate Ahmet Cagri Ozer, CEO at Development and Investment Bank of Türkiye Ibrahim Halil Oztop, General Manager of Vakif Katilim Bank Osman Celik, and others.
The first investments of the fund, which includes the General Directorate of Defense Industry Technology, the Development and Investment Bank of Türkiye, Vakif Katilim and Ziraat Katilim, were decided to be invested in the development of the Turkish Beam Technology company.
Türkiye has been working steadily to develop its defense industry and has achieved significant success in recent years.
The value of Türkiye's defense industry products exported in 2022 increased by 36.9 percent, totaling $4.4 billion, compared to the preceding year.