FT: Turkish defence industry aims high

By Justin Vela in Istanbul

Turkey is moving up in defence manufacturing with the commercial development of the ANKA, its first domestically-made drone (pictured).

It’s the product of an industry that’s largely state-owned but one that is expanding its $14bn-a-year revenues, and creating investment opportunities through privatisation. First for a likely stock market launch is ANKA’s maker, Turkish Aerospace Industries (TAI), the second largest company in the sector.

Like most Turkish defence contractors, TAI is a subsidiary of the country’s Armed Forces Foundation (TSKGV). It is expected to be listed on the Istanbul Stock Exchange (ISE) later this year, according to Arda Mevlutoglu, a Turkish defence analyst, who says the pioneering sale could pave the way for others.

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