Russia’s leading arms manufacturer Kalashnikov is seeking joint ventures in the Gulf region after the firm announced that it is expecting to raise its annual revenue by more than 60 percent by 2025.
Kalashnikov’s Chief Executive Officer Mr. Dmitry Tarasov remarked that the state-owned manufacturer is anticipating the sales to grow 25 percent each year with a set revenue target of $676 million by 2025, up from $404 million in 2020.
Mr. Tarasov further added that Kalashnikov plans to enhance its revenue through sales, expansion, and continued growth in its home market, where it produces about 95 percent of all small arms.
The International Defence Exhibition & Conference (IDEX), the largest defense expo in the Middle East also saw the worldwide debut of the Kalashnikov AK-19 rifle which is designed specifically for the export market and is chambered for 5.56×45 bullets, one of the world’s common rifle rounds.
The company is confident that it will be able to secure orders from international clients and has already started receiving inquiries.
“The growth will be driven by defense firearms, robotic systems, unmanned aerial vehicles, civilian products for medical purposes and also machines. We are looking at expanding in the export markets which we already have and we are also open for co-operation in other regions,” Mr. Tarasov added.
Kalashnikov has already signed an agreement with Saudi Arabia to develop an AK-103 assault rifle in the Kingdom with the first phase of the project being under technical evaluation.
The firm is also in the “final stage” of negotiations to set up a production plant in India.