Published By : 29 Jan 2018 | Published By : QYRESEARCH
Malcolm Turnbull, the Australian Prime Minister, has let little to imagination when it comes to his country’s aspirations to break into the world’s top ten defense exporters. The Prime Minister has allocated a fund of US$3.1 billion to boost shipments.
According to Turnbull, Australia will gain greater certainty in terms of investment with a stronger exporting defense industry. This ambitious plan is aimed at creating more jobs in Australia. Currently, the country exports about one to two billion worth of defense equipment to different nations in a year and was rated among the top 20 prominent exports during the period of 2012 to 2016, as per the Stockholm International Peace Research Institute. While Indonesia and Oman were the smaller buyers of Australian defense equipment, the U.S. provided for more than half of the demand.
With extended loans to Australian companies, which is expected to swell past 81 percent by 2026, the Turnbull government is undertaking the most significant regeneration of the country’s naval defense since the World War II. The country has planned to build 12 offshore patrol vessels, nine warships for its Future Frigates project, and up to 21 smaller patrol boats.
French group DCNS has been awarded a contract worth more than US$40 billion to build 12 submarines, completely constructed in-house.
According to the Foreign Minister Julie Bishop, the country has a high level of interoperability with its defense allies in the U.S. and the extended budget will provide strength to it.