Turkey's defense industry set to hit $20B in new contracts in 2026

ANKARA — Turkish defense industry firms have signed $15 billion worth of new contracts so far in 2026, a figure expected to reach $20 billion by year-end, according to Haluk Gorgun, head of the country's Defense Industry Agency.Details: Speaking at an event in Bursa on Saturday, Gorgun said Turkish defense companies had signed $15 billion in new contracts this year, while outstanding orders placed with domestic suppliers exceeded $13.4 billion.Gorgun added that Turkey’s defense industry exports were growing faster than the country’s overall figures, explaining that Turkish defense exports have generated about 40 times more revenue for the same weight of goods than the country's average exports.Background: Turkey has significantly expanded its defense industry in recent years, investing heavily in domestically developed drones, missiles and other military equipment as it seeks to reduce reliance on foreign suppliers.