Boston, MA -- (ReleaseWire) -- 02/18/2014 -- Romania's annual defence budget has historically maintained an average level of USD2.2bn between the years 2010 and 2017. BMI expects Romania's annual defence budget to be worth an estimated USD2bn in 2014. There is undoubtedly a need for defence spending to increase in Romania, given that the country's armed forces are in serious need of modernisation, in order to replace obsolete equipment which the country obtained during the Cold War.
Romania possesses a sizeable defence industry, largely the result of it attempting to achieve a degree of defence self-sufficiency during the Cold War. The result of this is that the country does have the ability to perform large-scale upgrades of military platforms, particularly in the air domain. Moreover, several Romanian manufacturers have been successful in establishing Joint Ventures with foreign companies. To this end, this has enabled Romanian companies to win lucrative international contracts such as work upgrading medium-lift military helicopters for the Royal Air Force.
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