Israel to invest 110 bln USD over decade to build independent arms industry

Israeli Prime Minister Benjamin Netanyahu said on Wednesday that Israel would invest 350 billion shekels (about 110 billion U.S. dollars) over the coming decade to build an independent domestic arms industry.



"Several weeks ago... I approved a total of 350 billion shekels over the coming decade to build an independent arms industry for the State of Israel," Netanyahu said at a graduation ceremony for the Air Force's pilots at Hatzerim Airbase in southern Israel.



The move is part of Israel's efforts to reduce its dependence on external arms suppliers, "including allies," he added, noting the weapons systems "will guarantee Israel's advantage on the battlefield in the future."



The announcement comes as Israel continues to fight on multiple fronts in the Middle East. During the Israeli two-year military onslaught on Gaza, several countries -- including allies such as Germany, Britain, Spain and the Netherlands -- have imposed restrictions or reviews on arms exports to Israel over concerns about violations of international law.