Dallas, TX -- (SBWIRE) -- 09/20/2013 -- This report is the result of extensive market and company research covering the Greek defense industry, and provides detailed analysis of both historic and forecast defense industry values including key growth stimulators, analysis of the leading companies in the industry, and key news. The Future of the Greek Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018 offers the reader an insight into the market opportunities and entry strategies adopted by foreign original equipment manufacturers (OEMs) to gain market share in the Greek defense industry.
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Greece is one of the largest importers of arms in Europe and, of all the EU nations, allocates a high percentage of its GDP for defense purposes, making it one of the most sought after markets for foreign OEMs. Despite the weakness of its financial sector, both the country's minimal domestic defense capabilities and the threat of the Turkish military have driven Greece to continue to invest in defense, with particular focus on fighter jets, submarines, missile systems and armored vehicles. The country primarily imports arms from EU nations and the US, and is assisting in the development of the domestic industry by sub-contracting deals achieved through defense offset obligations. Over the forecast period, the Greek Ministry of Defense (MoD) is estimated to allocate a cumulative of US$9.6 billion for the procurement of military equipment. In 2013, the country invested US$2.6 billion on homeland security (HLS), as part of its alignment with the international guidelines regarding the introduction of the biometric identification of citizens and travelers. Consequently, Greece is expected to make significant acquisitions in order to implement biometric profiling. The forecast period opportunities for foreign OEMs include the provision of fighter jets, jet trainers, armored vehicles, missile systems and maritime patrol aircraft.
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Greece and Turkey are involved in a long-standing territorial dispute in the Cyprus region, and are also engaged in a sovereignty rights issue in the Gulf of Aegean. On two occasions during the 1970s, the countries came close to an armed conflict and, consequently their military procurements are much in line with one another. Turkish aircraft often conduct mock drills in the disputed air space over the Gulf of Aegean, which results in Greek forces shadowing the Turkish jets. Historically, Greece's high levels of weapons procurement have solely been driven by its perception of Turkey as its primary external threat. This perception has also driven the country to maintain one of the highest GDP defense expenditure percentages. The two countries have improved trade and diplomatic relations in recent years; however, both continue to make significant arms imports.
The Greek territorial sovereign consists of mainland, a peninsula and about 3,000 islands, with 9,300 miles coastline. Greece has 120 cargo and passenger ports and its geographical situation significantly drives sea border patrol, and has resulted in the country placing an increased focus on maritime surveillance. With proximity to several countries in Europe, Asia-Pacific and Africa, Greece is considered to be a gateway for Europe and is plagued by illegal migration. The US$2.3 billion European Border protection fund for the 2007-2013 cycle has driven the procurement of biometric systems for the identification of travelers through the country.
Greek arms imports accounted for 4.9% of global arms transferred in 2009, and the country was the largest importer of defense systems in the European and Central Asian region. During 2010-2012, the debt crisis and restrictions imposed by the EU impacted the country's defense imports. High defense imports in 2009 were fuelled by both the license to purchase four German Type-214 submarines worth US$2.5 billion, to be assembled in Greek shipyards, and the purchase of F-16C Block-50/52 fighter jets from the US, worth US$2 billion.
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