Turkey plans to increase defence spending by $2.2 billion under a new draft law, Daily Mail reported quoting the finance minister Naci Agbal.

Under the proposed law, Turkey will allocate an additional 8 billion lira ($2.2 billion) of existing tax revenues towards the defence industry, Finance Minister noted.

"It is a priority to increase the deterrent power of the Turkish Armed Forces, to meet the need for modernisation urgently and to meet the costs of domestic and foreign security operations," Agbal said.