Asia to Spend Over $108b for Maritime Security

Tuesday, May 15, 2007
According to CNA, Asian countries are expected to spend about $108b beefing up their navies over the next ten years, placing the region ahead of the United States and Britain. But industry watchers at the 6th International Maritime Defence Exhibition and Conference (IMDEX Asia 2007) said rather than leading to an arms race, the increase in spending will be an overall boost to regional maritime security.

Naval industries are set to benefit from the buying spree. Analysts at IMDEX Asia agreed the naval build-up would do much for regional maritime security. Frigates, like the ones recently purchased by the Singapore Navy, account for a quarter of the purchases, and will help Asian countries plug the existing gap in capability shortfalls. Analysts said even with countries like China, India and Japan leading the buying spree, a regional arms race is unlikely. Source: CNA

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