Forecast: Africa market to grow for defense equipment - UPI.com
▻http://www.upi.com/Business_News/Security-Industry/2014/01/17/Africa-grows-in-importance-for-defense-companies/UPI-67801389986933
NEWTOWN, Conn., Jan. 17 (UPI) — Africa is an increasingly attractive market for international arms and military equipment suppliers as economies and defense spending grow.
Market research and analysis firm Forecast International said in a report titled The Military Market for Africa the continent’s overall arms market has traditionally been driven by a small handful of key players with more established economic environments but the situation has now changed.
With smaller market countries increasingly taking positive steps toward democracy and overall stability, and governments focusing more on creating strong economies, it’s projected that defense spending among African nations will surpass $46 billion by 2018, Forecast International said.
“As optimism about the continent’s prospects increases, global defense firms have started to eye the African market more closely,” said the report’s author, Nicole Auger. “It has ignited an intense competition between non-African defense companies while opening up an array of possible joint ventures and technology transfer agreements with African defense firms.”
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