Within the framework of the 2026-28 program, Armenia will allocate 150 billion drams for the development of its military industry, Defense Minister Suren Papikyan told a press conference Tuesday.

Attaching importance to the diversification of the military equipment procurement market, the defense minister emphasized the need to develop local production, too.

According to him, contracts worth 5.5 billion drams were signed with Armenian local companies in 2022, but now it is about 170 billion drams, and most of the products of which have already been delivered.

Within the framework of the 2026-28 program, it is planned to allocate another 150 billion drams for the development of Armenia’s local industry.