On Wednesday, near Ankara, Turkish President Recep Tayyip Erdoğan plans to attend the groundbreaking ceremony for a new defense complex of the Aselsan company. This project is considered a key element for Turkey's defense and its ambitious plans to strengthen its own missile defense system. This was reported by Bloomberg, writes UNN.
Details
Despite sources familiar with the Turkish president's official visits reporting that the Turkish leader would appear near the construction site, authorities officially declined to comment on Erdoğan's visit.
Earlier this year, Aselsan announced that it would receive $616 million in government incentives to produce components for a key missile defense project the country is working on. Named "Steel Dome," it will include radars, sensors, and electronics for smart munitions. According to Aselsan, these investments could create approximately 2,244 jobs.
The company's shares have risen by 149% since the beginning of the year, making it the largest contributor to the Turkish Borsa Istanbul 100 index. Its market capitalization as of August 26 was $20 billion.
The company is involved in a large number of ambitious projects in Turkey's defense industry, ranging from drones to defense systems.
For reference
Under Erdoğan, Turkey, a NATO member, is working on producing military aircraft, frigates, drones, and ballistic missiles to strengthen its armed forces, which are expanding their presence in the Middle East.