BEIRUT

World

Putin says Russia must boost arms exports

  • Russia's President Vladimir Putin attends a meeting in the Kremlin in Moscow July 4, 2014. (AFP Photo/Ria-Novosti)

MOSCOW: Russia should boost its arms exports to help the industry upgrade and add more high-end jobs to the labor market, President Vladimir Putin was quoted as saying Monday.

Russia is the focus of military tensions with the West over its annexation of Crimea from Ukraine. It has also been a long-standing arms supplier to Syria and ally of President Bashar Assad, who opposition forces are seeking to oust.

"It is important to... strengthen Russia's presence on global arms markets," RIA news agency quoted Putin as telling a meeting on military cooperation with foreign countries.

"Beyond doubt, this should help national defense industries to plan for an expansion and update of production, (and) create new quality jobs."

Russia is already the world's top arms exporter and sold some $15.7 billion worth of weapons abroad - primarily guns, missiles and fighter jets - in 2013.

Other leading buyers of Russian arms include India, China and Venezuela.

Russia is also modernizing its own armed forces and has showcased their new face in the small mobile units that helped seize Crimea earlier this year, prompting the West to slap sanctions on Moscow.

Uncertainty over Russia's military ambitions has led to unease among foreign investors, who have been pulling funds out of the country, in turn damaging a once vibrant economy.

The economy ministry expects gross domestic product growth to slow sharply to just 0.4 percent this year, though its minister, Alexei Ulyukayev, has said this forecast may be raised.

Net capital outflows from the country may reach around $80 billion in the first half of the year, Interfax news agency cited Ulyukayev as saying.

Moscow has also stepped up the frequency of unannounced military drills in recent months and Putin has said that practice would continue to keep his army combat-ready.

He also called for further efforts to replace defense industry imports - including from Ukraine - with Russia's own production in an effort to make the country's defense industry self-sufficient.

Russian arms exports in the first half of 2014 reached $5.6 billion, Putin was quoted as saying.

 
Advertisement

Comments

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Summary

Russia should boost its arms exports to help the industry upgrade and add more high-end jobs to the labor market, President Vladimir Putin was quoted as saying Monday.

Russia is already the world's top arms exporter and sold some $15.7 billion worth of weapons abroad -- primarily guns, missiles and fighter jets -- in 2013 .

Russia is also modernizing its own armed forces and has showcased their new face in the small mobile units that helped seize Crimea earlier this year, prompting the West to slap sanctions on Moscow.

Russian arms exports in the first half of 2014 reached $5.6 billion, Putin was quoted as saying.


Advertisement

FOLLOW THIS ARTICLE

Interested in knowing more about this story?

Click here