MOSCOW (Pakistan Point News / Sputnik - 16th May, 2019) Russia's small order portfolio in the Latin American arms market is partially due to the pressure and sanctions applied by the United States and several European countries, Anatoly Punchuk, the deputy chief of Russia's Federal Service for Military-Technical Cooperation, told Sputnik.
"The general value of the market of military purpose products of Latin America is rather significant and is estimated at between $40 and $50 billion. At the moment, the order portfolio of Russian enterprises is small and amounts to about a few percent. This is due to the cyclical acquisition of equipment by the countries of the region, limited budget financing as well as political pressure and sanctions by the United States and several European countries," Punchuk said ahead of the opening of the international defense technology exhibition SITDEF Peru 2019.
Punchuk noted Latin American countries were important defense industry cooperation partners of Russia.
"A significant amount of weapons and military equipment, with which the national armies and security forces are equipped, was supplied in the course of interaction. This is due to good adaptability of our technology to the climate of the Latin American region," he stressed.
SITDEF defense exhibition will open in Peru's capital city Lima on Thursday and will run through Sunday.
