Defense minister: Armenia allocates over $390M for defense industry development

Armenia will allocate 150 billion drams ($395.2 million) for the development of its defense industry under the 2026–2028 program, Defense Minister Suren Papikyan announced at a press conference, Report informs via Armenian press.

He emphasized the importance of diversifying the military equipment procurement market and developing local production.

He noted that while contracts with local companies amounted to 5.5 billion drams ($14.5 billion) in 2022, the figure has now risen to 170 billion drams ($447.9 million), with most of the products already delivered.

Papikyan also stressed that Armenia does not intend to enter an arms race with Azerbaijan.