Malaysia's military expenditure is expected to increase to RM28.7b

KUALA LUMPUR: Malaysia's military expenditure is expected to increase to US$7.2bil (RM28.7bil) from the US$5.2bil in 2015.
Defence Minister Datuk Seri Hishammuddin Hussein said the defense expenditure will be driven by the modernisation of defence systems, international peacekeeping operations and maintaining territorial integrity.
"We need to stretch our ringgit moving forward, we need more bang for our buck, we must reassess our priorities and keep the above mentioned goals firmly in mind," Hishammuddin said during the launch of Langkawi International Maritime and Aerospace Exhibition 2017 (LIMA'17) held at his ministry here.
"The process may be painful but we never lose sight of the fact that the defence of our realm comes first," he added.
Hishammuddin added the government was seeking to develop local expertise while continuing to source for imported products from global giants.
"Let us not forget that the defence markets of the maritime and aerospace industries have been on an upward trajectory, regionally and globally. The Asia-Pacific itself makes up one-third of the world's defence budget," he said.
Hishammuddin added events like LIMA had provided the maritime and aerospace industry with a unique platform for networking, business opportunities, and function as a gateway to Asia Pacific's dynamic market.
Hishammuddin added the expectations for LIMA'17 are high after the success of LIMA'15 which was credited to be the best LIMA ever.
LIMA'17 will be held in Langkawi from March 21 to 25 next year.
The aerospace exhibition would be held at the Mahsuri International Exhibition Centre while Resort World Langkawi would host the maritime exhibition.