TOKYO (Reuters) – Japan’s Mitsubishi Heavy Industries said on Wednesday it expects to double its defence revenue to about 1 trillion yen ($6.68 billion) from the business year starting April 2024.
The increase would come partly from the expansion of facilities to build missiles and develop next-generation fighter jets, it said.
From the fiscal year starting March 2027, Mitsubishi Heavy expects revenue to top 1 trillion yen a year due to growth in the defence and space business, presentation material showed.
The Japanese government has said it plans to double spending on defence to about 2% of its gross domestic product by 2027 as regional tensions heighten.
($1 = 149.6200 yen)
(Reporting by Chang-Ran Kim; Editing by Sonia Cheema)
