Turkey will allocate more than $40 billion to its defence budget in 2024, a presentation by a vice-president showed, marking a 150 percent increase from this year’s budget, in another move to bolster its military capabilities.

In 2023, Turkey allocated around $16 billion for defence and security. On Tuesday, its parliament voted to extend the mandate that allows its security forces to conduct cross-border operations in Syria and Iraq for another two years.

In a presentation on Tuesday, Vice-President Cevdet Yilmaz also said the government aimed to almost double defence industry exports to $11 billion from the current $6 billion.

Yilmaz added that the Turkish defence industry was seen increasing its self-sufficiency to 85 percent from 2023’s 80 percent.

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