|A buying spree in the Asia-Pacific region propelled double-digit growth in the global arms market last year to a record $65 billion (57.7 billion euros), defence analysts IHS Jane's said Monday.|
Defence imports by Asia-Pacific nations soared 71 percent in a "spend surge" between 2009 and 2016, the analysts said, helping the global arms market jump 11.3 percent or $6.6 billion last year. South Korea rose from being the seventh biggest defence importer in the world in 2014 to fifth largest last year, purchasing arms worth $2.2 billion. Three of the top 10 countries with the fastest growing expenditures were in Asia-Pacific: Vietnam, Philippines, Bangladesh.
|IHS Jane's predicted that the global arms market would grow further in 2016 to $69 billion, pointing to India's inability to manufacture the defence equipment it needs to replace ageing stock. Large numbers of India's fighters and submarines need to be replaced.|