Netanyahu: Israel to spend $110 billion to develop independent arms industry in next decade

JERUSALEM - Israeli Prime Minister Benjamin Netanyahu said on Wednesday Israel would spend 350 billion shekels ($110 billion) on developing an independent arms to reduce dependency on other countries.

"We will continue to acquire essential supplies while independently arming ourselves," Netanyahu said at a ceremony for new pilots.

"I don't know if a country can be completely independent but we will strive ... to ensure our arms are produced as much as possible in Israel," he said. "Our goal is to build an independent arms industry for the State of Israel and reduce the dependency on any party, including allies."

($1 = 3.1829 shekels)

Steven Scheer/Reuters