UK’s BAE Systems in deal with Turkey to develop new fighter jets

The deal between BAE Systems and Turkish Aerospace Industries is non-binding and will only be obligatory once formal contracts are signed. (Reuters)
Updated 28 January 2017
0

UK’s BAE Systems in deal with Turkey to develop new fighter jets

ANKARA: Britain’s BAE Systems on Saturday signed a deal with Turkey’s national aerospace firm to develop a new generation of Turkish fighter jets, the British government said in a statement.
Under the deal signed in Ankara during a visit by British Prime Minister Theresa May, BAE Systems and state-owned Turkish Aerospace Industries (TAI) will establish a partnership for the development of the TF-X fighter jet.
Commenting on the agreement, May said it indicated that “Britain is a great, global, trading nation and that we are open for business,” after the Brexit vote saw the country seeking new partners for trade.
“It marks the start of a new and deeper trading relationship with Turkey and will potentially secure British and Turkish jobs and prosperity for decades to come,” May added.
The deal is a so-called Heads of Agreement, which is non-binding and will only be obligatory once formal contracts are signed.
The initial phase is worth over £100 million ($125.5 million), Downing Street said.
But the agreement can pave the way for further deals potentially worth billions of pounds over a 20-year lifespan, May’s spokeswoman told reporters.
Ankara has long mooted the plan to build its own homegrown fighter jets.
After a controversial visit to the US meeting President Donald Trump, the spokeswoman stressed that it was in the UK’s national interest to engage with Turkey on trade and defense despite criticism at home and abroad of May’s cozying up to Erdogan.
“Our defense and security cooperation is justified and important because Turkey is an important ally in NATO,” the spokeswoman added.
Ian King, BAE Systems chief executive, said the agreement confirmed the continued work on the aircraft’s design and development in an “exciting next step in relations between both Turkey and the UK with the cooperation between BAE Systems and TAI.”


Egyptian economy on right track after 5.6% growth in 2018-2019: prime minister

Updated 17 July 2019
0

Egyptian economy on right track after 5.6% growth in 2018-2019: prime minister

  • Egypt is emerging from a three-year economic reform program tied to a $12 billion loan from the IMF
  • Egypt has been praised by international lenders for swift reforms implemented since 2016

CAIRO: Egypt’s economy grew 5.6 percent in the 2018/19 fiscal year and is “on the right track” as it completes IMF-backed reforms, Prime Minister Mustafa Madbouli said on Wednesday.
The budget deficit came in at 8.2 percent of GDP, he said, which was slightly below an official forecast of 8.4 percent.
Egypt is emerging from a three-year economic reform program tied to a $12 billion loan from the International Monetary Fund.
Madbouli said Egypt’s primary surplus stood at 2 percent for the fiscal year, which ended in June, and also pointed to a recent drop in inflation as positive signs. Economic growth was up from 5.3 percent in 2017/18 and in line with a government forecast.
“At the same time, it induces us to complete the implementation of reforms and the efforts exerted to achieve the targets for the new fiscal year,” Madbouli said in a statement said.
Egypt has been praised by international lenders for swift reforms implemented since 2016, though austerity measures and inflation have left many Egyptians struggling to get by.
The reforms included a sharp devaluation of the currency, the introduction of value-added tax and the elimination of subsidies on most fuel products.
Headline annual inflation dropped to 9.4 percent in June from 14.1 percent the previous month, though it is expected to rise over the rest of the summer as the impact of the latest round of fuel subsidy cuts kicks in.