Turkey wastes $50m in cancelled missile deal with FranceJuly 2, 2011 - 11:33 AMT PanARMENIAN.Net - A cancelled deal that Turkey had signed for the purchase of 19,000 short-range missiles from France has caused more harm to the Turkish economy than was initially thought, a Defense Ministry official said. The official, speaking on the condition of anonymity, told Today's Zaman that a $50 million investment, which the Turkish Mechanical and Chemical Industry Corporation (MKEK) had made to produce missiles as part of the cancelled deal, was wasted because the facility it constructed for that purpose has remained idle since the late 1990s. In 1998 Turkey agreed with France on the purchase of 19,000 short-range missiles for 400 million euros. As part of that deal, Turkey made a payment of 280 million euros, almost three-quarters of the total amount, but only received 3,600 missiles. When those delivered missiles were tested at the Land Forces Command (KKK) in Ankara, it was discovered that the missiles were defective and could not hit their targets. Although France was notified of the test results, operational missile deliveries started to miss deadlines and Turkey consequently cancelled the deal in 2004. Upon Turkey's application, the International Court of Arbitration ruled in favor of Turkey in 2009, but by that time Turkey had lost a decade trying to compensate losses rather than strengthening its defense industry. This recent revelation by the ministry official has added to Turkey's woes as it reveals that the country not only lost time but also money with the $50 million investment following this failed missile purchase attempt. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Your home is in Armenia – Ameriabank offers mortgage loans for the Diaspora To buy real estate, Diasporans can apply to Ameriabank online to buy, renovate or build a home anywhere in Armenia. Armenia-Qatar ties discussed in Doha The Secretary of Armenia’s Security Council met with the Deputy Secretary General of the National Security Council of Qatar. ARARAT special evening dedicated to Aznavour's 100th Anniv. On May 20 ARARAT legendary Armenian brandy, celebrated the centennial of Maestro Charles Aznavour with a special event. Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. |