The Brazilian government is preparing incentives aimed at boosting the competitiveness and international market presence of the country’s defense sector.

According to Jungmann, the Defense Ministry, actions will include a line of credit from the Brazilian Development Bank (BNDES) to offer financing to countries that buy products from the Brazilian defense industry, insurance instruments for domestic manufacturers and a dedicated group in the Foreign Trade Chamber (CAMEX) that will exclusively address the defense industry.

Jungmann said that the defence industry was the driver of a number of technological breakthroughs in history, such as GPS, the microwave and Teflon, adding that he believed the sector could contribute significantly to stronger economic growth.

“The defence industry is an important driver of new technologies and productivity in the economy.”