Defense & Military
Merlin’s 800 Million SPAC Merger Advances Autonomous Defense Aerospace
Merlin’s $800M SPAC merger accelerates growth in autonomous defense aerospace with key contracts, partnerships, and regulatory approvals.
Merlin’s $800 Million SPAC Merger: A New Era for Autonomous Defense Aerospace
The aerospace and defense sectors are undergoing rapid transformation, with autonomy and artificial intelligence emerging as key drivers of innovation. In August 2025, Merlin, a company specializing in autonomous flight technology for defense, announced a major milestone: its intention to go public via a merger with Bleichroeder Acquisition Corp. I, a special purpose acquisition company (SPAC) led by Inflection Point Asset Management. The deal, valuing Merlin at $800 million pre-money, stands out as a significant event in the autonomous aircraft space, reflecting both investor confidence and the growing strategic importance of autonomous systems in defense and commercial aviation.
This transaction is not just a financial maneuver; it marks an inflection point for the adoption of advanced autonomy in Aviation. With over $125 million in committed PIPE (private investment in public equity) funding and $78 million already secured, Merlin is poised to accelerate its technology development, expand its customer base, and further solidify its position as a leader in the sector. The merger also comes at a time when global defense spending and interest in unmanned systems are surging, providing Merlin with a fertile environment for growth and innovation.
As the autonomous aircraft market is projected to grow significantly over the next decade, Merlin’s approach, melding deep technical expertise with robust regulatory engagement and strategic partnerships, offers a case study in how new entrants can navigate the complexities of the aerospace industry. This article examines the details of the merger, Merlin’s technology, market context, and the broader implications for the future of autonomous flight.
Merlin’s Origins and Mission
Founded in 2018 by Matt George, Merlin has its roots in the convergence of artificial intelligence and aviation. George, a certified pilot, saw parallels between advances in autonomous vehicles and the potential for similar breakthroughs in air transport. Rather than aiming immediately for fully pilotless aircraft, Merlin’s strategy has emphasized a phased approach, pairing advanced automation with human pilots to build trust with regulators and users alike.
Merlin’s stated mission is to become “the world’s most capable pilot leveraging technology as the key enabler of air network resiliency.” This reflects an understanding that the adoption of autonomy in aviation is as much about trust and safety as it is about technological prowess. The company operates out of Boston, drawing on the city’s rich pool of engineering talent and proximity to leading academic and industry institutions.
Prior to the SPAC announcement, Merlin had attracted Investments from notable firms such as Baillie Gifford, First Round Capital, and Snowpoint Ventures. Its leadership team combines expertise in AI, Avionics, Certification, and defense program management, equipping the company to tackle the multifaceted challenges of bringing autonomous flight to market.
Strategic Partnerships and Defense Contracts
Merlin’s credibility in the defense sector is underscored by its $105 million Contract with the U.S. Special Operations Command (USSOCOM), one of the largest such awards for autonomous flight technology. This contract focuses on integrating Merlin’s autonomy suite into C-130J Super Hercules aircraft, enabling reduced aircrew operations and addressing critical pilot shortages.
Beyond the USSOCOM contract, Merlin has secured Partnerships with major aerospace players. Its collaboration with Honeywell aims to integrate Merlin’s autonomy technology with Honeywell’s widely used Anthem avionics suite, initially targeting fixed-wing military aircraft. The partnership with Northrop Grumman further validates Merlin’s technology, providing access to Northrop’s Beacon autonomous testbed for advanced validation and integration.
These relationships not only provide Merlin with customer validation and technical synergies but also offer pathways for scaling its technology across diverse platforms and mission profiles. They also reflect a growing trend among established aerospace primes to invest in and partner with startups specializing in autonomy and AI.
“Merlin’s phased approach to autonomy, starting with human-machine teaming and moving toward full autonomy, has allowed it to build trust with regulators and customers while advancing its technology at a rapid pace.”
Certification and Regulatory Progress
One of Merlin’s distinguishing achievements is its progress toward regulatory certification. In September 2021, Merlin secured approval for its certification basis from both the U.S. Federal Aviation Administration (FAA) and New Zealand’s Civil Aviation Authority (CAA), a global first for a takeoff-to-touchdown autonomous flight system.
New Zealand has played a pivotal role in Merlin’s certification journey. The company operates a dedicated facility in Kerikeri, where it conducts flight testing under an Experimental Certificate of Airworthiness from the CAA. This regulatory environment has enabled Merlin to accelerate development and accumulate operational data in support of broader certification efforts with the FAA and other authorities.
Merlin’s dual-track certification strategy, engaging both U.S. and international regulators, positions it advantageously as the industry moves toward wider adoption of autonomous systems. The company’s emphasis on safety, redundancy, and transparent engagement with regulators sets a benchmark for others in the space.
Deal Structure and Financial Architecture
The merger between Merlin and Bleichroeder Acquisition Corp. I is structured to provide both immediate and long-term capital for growth. The $800 million pre-money valuation reflects the market’s recognition of Merlin’s technology, defense contracts, and growth potential. The transaction includes over $125 million in PIPE funding, with $78 million already delivered, ensuring operational continuity during the transition to public markets.
SEC filings show that the deal also features a $50 million Series A Preferred Stock investment, offering preferred shareholders a 12% payment-in-kind or 10% cash dividend rate and various governance protections. The structure allows for flexibility, with gross proceeds potentially ranging from $128 million to $257 million depending on SPAC shareholder redemptions.
Bleichroeder and Merlin’s boards have unanimously approved the merger, which is expected to close in early 2026. The transaction’s completion is subject to customary conditions, including regulatory and shareholder approvals. The involvement of Inflection Point Asset Management, known for backing high-impact technology companies, adds further credibility to the deal.
Market Context and Industry Dynamics
The autonomous aircraft market is experiencing rapid growth, with projections suggesting expansion from $11.67 billion in 2024 to $48.34 billion by 2033. This growth is driven by both defense and commercial demand, with North America currently holding the largest market share.
Defense remains the primary driver, as militaries seek to enhance operational flexibility, address personnel shortages, and maintain technological superiority. The U.S. Air Force’s Collaborative Combat Aircraft program, for example, aims to deploy over 1,000 autonomous drones alongside manned aircraft. Meanwhile, commercial applications, such as autonomous cargo delivery, are gaining traction, with companies like Zipline demonstrating operational viability in multiple countries.
Industry trends also include increased investment in AI, augmented reality, and digitization, all of which support the development and deployment of autonomous systems. Regional dynamics are favorable, with Asia-Pacific and the Middle East investing heavily in aviation modernization and infrastructure, while Europe and North America focus on defense upgrades and sustainability.
Technology Platform and Competitive Positioning
Merlin’s core product, the Merlin Pilot, is an aircraft-agnostic autonomy platform designed for integration across a wide range of aircraft, from large military transports to smaller drones. The system employs advanced sensor fusion, AI-driven decision-making, and natural language processing for air traffic control communications.
Notably, Merlin’s technology is designed for modularity and rapid adaptation to different mission profiles. Its phased autonomy approach, starting with human-machine teaming, aligns with regulatory and customer preferences, enabling earlier adoption and operational experience.
The company’s progress in certification, combined with its strategic partnerships and government contracts, positions it as a leader in the defense segment of the autonomous aircraft market. Its ability to serve both military and commercial customers, coupled with a robust regulatory strategy, provides a competitive edge as the market matures.
“The autonomous aircraft market’s projected compound annual growth rate of over 16% underscores the sector’s momentum and the strategic value of companies like Merlin.”
Conclusion
Merlin’s $800 million SPAC merger is a landmark event for the autonomous flight industry, signaling both the sector’s maturation and the growing institutional confidence in AI-driven aerospace technologies. The transaction provides Merlin with the capital, partnerships, and public market visibility needed to scale its technology and expand its reach across defense and commercial markets.
As Merlin navigates the challenges of public company operations, regulatory compliance, and intensified competition, its success will serve as a bellwether for the broader autonomous aircraft sector. The company’s achievements in certification, strategic partnerships, and defense contracting lay a strong foundation for future growth, while its approach to phased autonomy and safety-first innovation sets a standard for others to follow. The coming years will reveal whether Merlin can fulfill its promise and help define the next era of aviation.
FAQ
What is a SPAC merger, and why did Merlin choose this route?
A SPAC (Special Purpose Acquisition Company) merger allows a private company to go public by merging with a publicly traded shell company. Merlin chose this route to access capital markets, accelerate growth, and leverage the expertise of its SPAC sponsor, Inflection Point Asset Management.
What are Merlin’s core technologies?
Merlin’s primary product is the Merlin Pilot, an aircraft-agnostic autonomy platform that uses AI, sensor fusion, and natural language processing to enable autonomous flight operations across a variety of aircraft.
How does Merlin address regulatory and safety challenges?
Merlin has pursued a dual-track certification strategy with both the FAA and New Zealand’s CAA, emphasizing a phased approach to autonomy and close collaboration with regulators to ensure safety and compliance.
What are the main risks facing Merlin?
Key risks include regulatory delays, intense competition from established aerospace firms, technical challenges in autonomy, and market acceptance hurdles in the conservative aviation industry.
What is the outlook for the autonomous aircraft market?
The market is projected to grow rapidly, driven by defense and commercial demand, with significant opportunities for companies that can navigate regulatory, technical, and operational complexities.
Sources: Law360, Business Wire, Merlin
Photo Credit: Merlin
Defense & Military
USAF Launches EPAWSS Speedline to Accelerate F-15E Modernization
The USAF establishes an EPAWSS Speedline at Warner Robins to rapidly upgrade F-15E Strike Eagles with advanced electronic warfare systems starting June 2026.
This article is based on an official press release from the Air Force Life Cycle Management Center.
Air Force Launches EPAWSS Speedline to Accelerate F-15E Modernization
On May 26, 2026, the Air Force Life Cycle Management Center (AFLCMC) announced the establishment of a dedicated “Speedline” facility at the Warner Robins Air Logistics Complex (WR-ALC) in Georgia. This new initiative is designed to rapidly accelerate the installation of the Eagle Passive Active Warning Survivability System (EPAWSS) on the U.S. Air Force’s F-15E Strike Eagle fleet.
According to the official press release, the Speedline facility is slated to receive its first F-15E aircraft for installation in June 2026. By decoupling these critical electronic warfare upgrades from standard Programmed Depot Maintenance (PDM) schedules, the Air Force aims to field advanced defensive capabilities much faster than previously possible.
We note that this shift in maintenance strategy allows the military to upgrade jets up to five to seven years ahead of their routine maintenance cycles. This collaborative effort between the AFLCMC’s F-15 System Program Office and the WR-ALC is expected to significantly boost fleet readiness against modern electromagnetic threats.
Breaking the Maintenance Bottleneck
Operational Independence
Historically, major system upgrades for fighter aircraft have been tied to their routine depot maintenance schedules, which can create bottlenecks for fielding urgent technology. The AFLCMC’s new Speedline operates entirely independently of the standard PDM line.
This operational independence provides the F-15 System Program Office and WR-ALC the flexibility to install the EPAWSS on aircraft that are not due for routine maintenance for another five to seven years. By treating the electronic warfare upgrade as a standalone priority, the Air Force can modernize its fleet at a pace dictated by tactical necessity rather than logistical routine.
Understanding the EPAWSS Upgrade
Replacing Cold War-Era Technology
The Eagle Passive Active Warning Survivability System is a next-generation, all-digital electronic warfare suite. Based on the provided research data, it is designed to replace the legacy Tactical Electronic Warfare System (TEWS), which relies on Cold War-era analog equipment.
Developed by prime contractor BAE Systems, with Boeing serving as the prime contractor for integration, EPAWSS provides fully integrated radar warning, geolocation, situational awareness, and self-protection solutions. The system allows the aircraft to detect, identify, and defeat surface and airborne threats in highly contested, dense signal environments.
Financial and Production Milestones
The U.S. Air Force officially cleared EPAWSS for full-rate production in early 2025. Concurrently, the Air Force awarded a $615.8 million contract to Boeing to cover the installation of these systems. Shortly after this award, the first fully equipped F-15E was delivered to the 48th Fighter Wing at RAF Lakenheath in the United Kingdom, marking a major milestone in the modernization of the 4th-generation fleet.
Strategic Importance and Lethality
Expanding the F-15E’s Capabilities
The integration of EPAWSS is not merely a defensive measure; it is a comprehensive upgrade to the aircraft’s survivability and lethality. In the official AFLCMC release, military leadership emphasized the strategic necessity of the system.
“The F-15E Strike Eagle remains a cornerstone of our tactical airpower and deep strike capabilities. The integration of advanced electronic warfare suites, such as the Eagle Passive Active Warning Survivability System, ensures the F-15E will not just survive, but actively disrupt and dismantle adversary kill chains in the most highly contested, electromagnetically dense environments.”
, Lt. Col. Matthew Heil, F-15 Program Office, EPAWSS Materiel Leader
AirPro News analysis
We observe that the creation of the EPAWSS Speedline reflects a broader Department of Defense trend toward agile logistics and sustainment. By separating critical combat upgrades from time-consuming depot maintenance, the military is demonstrating a commitment to fielding new technologies to the warfighter at a much faster pace.
Furthermore, as the U.S. Air Force continues to develop and field 5th-generation fighters like the F-35 and F-22, alongside future 6th-generation platforms, maintaining the survivability of 4th-generation “workhorse” aircraft is a strategic priority. EPAWSS ensures that older airframes like the F-15E can safely and effectively operate alongside stealth fighters in modern, highly contested combat scenarios, bridging the gap between legacy platforms and future air dominance initiatives.
Frequently Asked Questions
What is the EPAWSS Speedline?
The EPAWSS Speedline is a dedicated installation facility at the Warner Robins Air Logistics Complex designed to rapidly equip F-15E Strike Eagles with the new Eagle Passive Active Warning Survivability System, independent of standard maintenance schedules.
When will the first aircraft be upgraded at the Speedline?
According to the Air Force Life Cycle Management Center, the facility is slated to receive its first F-15E aircraft for installation in June 2026.
Who are the primary contractors for EPAWSS?
BAE Systems is the prime contractor that developed the EPAWSS, while Boeing serves as the prime contractor for the system’s integration and installation on the F-15E.
Sources
Photo Credit: U.S. Air Force photo by Airman 1st Class Codie Trimble
Defense & Military
Final A-10 Engine Build Marks End of Davis-Monthan Maintenance Era
Davis-Monthan AFB completes last A-10 engine build as USAF extends aircraft service life through 2030, ending a 50-year maintenance mission.
This article is based on an official press release from Air Combat Command.
On May 21, 2026, Airmen at Davis-Monthan Air Force Base in Arizona officially completed their final A-10 Thunderbolt II engine build. According to an official release from Air Combat Command, this milestone marks the end of a decades-long maintenance mission for the 355th Component Maintenance Squadron (CMS) and serves as a symbolic closing chapter for the base’s 50-year legacy with the iconic close-air-support aircraft.
While the U.S. Air-Forces recently announced a partial extension of the A-10’s operational life through 2030, the formal training and heavy maintenance pipelines, including the dedicated Davis-Monthan engine shop, are officially shutting down. As the military transitions to future platforms, the completion of this final General Electric TF34 turbofan engine represents the end of an era for the maintainers who kept the “Warthog” flying.
We at AirPro News have reviewed the official military releases and supplementary research to provide a comprehensive look at what this final build means for the U.S. Air Force, the maintainers on the ground, and the future of the A-10 fleet.
A Historic Final Build for the 355th CMS
A standard A-10 engine build is a rigorous, multi-stage operation that typically takes 30 days to complete. The process involves meticulous inspection, repair, rebuilding, and testing of the General Electric TF34 turbofan engines that power the A-10C Thunderbolt II. According to military reports, a single crew of five maintainers usually handles the entire process for a given engine.
Hands-On Participation
For this historic final build, the 355th CMS broke from tradition. Every member of the shop participated, ensuring that all personnel had the opportunity to put their hands on the final engine throughout its diagnostic runs and final inspection. The final engine test was successfully conducted in the test cell on April 30, 2026, verifying its performance and flight readiness.
The process officially concluded on May 21, 2026, when Tech. Sgt. Logan Lamb, a 355th Maintenance Group quality assurance inspector, stamped the final inspection form. Wing leadership and the 355th CMS gathered to celebrate the completion, reflecting on the gravity of their work.
“Some, if not all these engines have saved lives on the ground through close air support missions, and some have carried pilots home while the other engine was damaged. All members of the shop put eyes and hands on this engine throughout the build, testing, diagnostic runs and final inspection. Typically, only one crew of five would work on any one engine, but this engine has been touched by everyone.”
The Warthog’s Legacy and Future Operations
Davis-Monthan AFB has served as the primary hub for A-10 operations and training for nearly 50 years. However, the base began divesting its A-10 fleet in February 2024, sending the first aircraft to the 309th Aerospace Maintenance and Regeneration Group, commonly known as the “Boneyard.” On April 3, 2026, the 357th Fighter Squadron at Davis-Monthan graduated its final class of A-10 pilots, permanently closing the formal training pipeline for the aircraft.
Service Extension Through 2030
Despite the closures at Davis-Monthan, the A-10 will continue to fly. On April 20, 2026, Air Force Secretary Troy E. Meink announced that the Air Force will extend the service life of the remaining A-10 fleet through 2030, reversing a previous plan to retire the aircraft by 2029. According to defense reports, this decision was heavily influenced by the A-10’s recent combat performance in Operation Epic Fury, a U.S. campaign against Iran in late March and April 2026, where the aircraft successfully struck naval vessels and provided critical close air support.
AirPro News analysis
The decision to extend the A-10’s service life through 2030 while simultaneously closing its primary heavy maintenance and training facilities presents a unique logistical scenario. The Air Force is utilizing what it calls a “fleet management strategy.” Because the Davis-Monthan engine shop and the pilot “schoolhouse” are now closed, operational squadrons at bases like Moody AFB and Whiteman AFB will be operating on borrowed time. They will have to rely entirely on existing experienced personnel, stockpiled parts, and the durability of engines like the one just completed by the 355th CMS to sustain operations until the final retirement date. This strategy underscores the military’s confidence in the robust engineering of the TF34 engines and the meticulous groundwork laid by aerospace Propulsion Airmen over the past decades.
The Unsung Heroes of Aerospace Propulsion
The longevity and survivability of the A-10 Thunderbolt II are directly tied to the expertise of aerospace propulsion Airmen. These maintainers are responsible for ensuring the aircraft remains lethal and capable of returning pilots home safely, even after taking heavy fire.
Their daily responsibilities include conducting borescope inspections to identify internal engine issues early and prevent catastrophic failures. They also manage test cell operations, running the engines in a controlled environment while monitoring critical readings from a control cab to verify performance before the engine is ever attached to an airframe.
“I think the legacy of the A-10 is going to be remembered for generations. The A-10 will be missed here in Arizona.”
Frequently Asked Questions (FAQ)
What engine does the A-10 Thunderbolt II use?
The A-10 is powered by twin General Electric TF34 turbofan engines. These engines are renowned for their durability and ability to sustain damage while still bringing pilots home safely.
Why is the A-10’s service life being extended to 2030?
Air Force Secretary Troy E. Meink announced the extension on April 20, 2026, following the aircraft’s highly successful combat performance during Operation Epic Fury in early 2026. The extension reverses previous plans to retire the fleet by 2029.
Is Davis-Monthan AFB still training A-10 pilots?
No. The 357th Fighter Squadron at Davis-Monthan graduated its final class of A-10 pilots on April 3, 2026, officially closing the formal training pipeline for the aircraft.
Sources: Air Combat Command
Photo Credit: U.S. Air Force photo by Senior Airman Christopher Ornelas Jr.
Defense & Military
Airbus Explores Helicopter Manufacturing in Canada for Global Export
Airbus SE is evaluating manufacturing helicopters in Canada to support federal defense contracts amid Canada’s $81B defense investment and new industrial strategy.
This article summarizes reporting by Bloomberg and Laura Dhillon Kane. This article summarizes publicly available elements and public remarks.
According to reporting by Bloomberg, Airbus SE is evaluating the potential to manufacture helicopters in Canada for the global export market, provided the European aerospace giant secures upcoming federal procurement contracts. This strategic proposition arrives as Canada embarks on an unprecedented defense spending expansion aimed at modernizing its military and stimulating domestic manufacturing jobs.
We note that Airbus is leveraging a unique political and economic window. By pitching a “local for global” manufacturing approach, the company hopes to decentralize its production while satisfying the Canadian government’s increasingly stringent demands for domestic economic benefits in exchange for lucrative defense contracts.
Canada’s Historic Defense Spending Surge
Following years of underfunding, the Canadian government has recently injected an $81.1 billion multi-year investment into national defense, according to comprehensive industry research. Under the administration of Prime Minister Mark Carney, Canada officially reached the 2% NATO spending benchmark in March 2026 and has committed to escalating defense expenditures to 5% of GDP by 2035.
The 2026 Defence Industrial Strategy
A major catalyst for Airbus’s proposal is the Canadian government’s first-ever Defence Industrial Strategy (DIS), launched in February 2026. Research reports indicate that the DIS introduced a strict “Build-Partner-Buy” framework designed to maximize domestic economic activity. The strategy ambitiously aims to direct 70% of defense contracts to Canadian firms, create 125,000 jobs, and boost defense exports by 50%.
To win contracts under this new framework, foreign vendors are required to provide sustainable domestic economic activity and transfer intellectual property. Furthermore, Canada is actively seeking to diversify its defense procurement to reduce its historical reliance on U.S. suppliers, pivoting toward European partnerships and joining the EU’s €150 billion Security Action for Europe (SAFE) fund.
Airbus’s “Local for Global” Pitch
Airbus is no stranger to the Canadian aerospace sector, having operated in the country for over 40 years. According to industry data, the company currently employs over 5,300 people in Canada. Its helicopter division, based in Fort Erie, Ontario, is already a recognized center of excellence for composite manufacturing, shipping approximately 34,000 parts globally each year to support Airbus’s worldwide supply chain.
Targeting Key Government Contracts
Airbus is actively pursuing three major helicopter procurement projects in Canada: fleet replacements for the Canadian Armed Forces, the Canadian Coast Guard, and the Royal Canadian Mounted Police (RCMP). To bolster its position, Transport Canada officially certified the Airbus H175 helicopter in February 2026, a super-medium aircraft tailored for search and rescue and defense missions in harsh environments. Additionally, Airbus is currently delivering 19 H135 helicopters to the Royal Canadian Air Force for the Future Aircrew Training (FAcT) program.
Airbus executives have made it clear that winning these new contracts would justify expanding their Canadian manufacturing base to assemble complete helicopters for the global market.
“Clearly, if Airbus helicopters are selected for any of the big upcoming campaigns and there is an industrial project which is tied to this contract, it’s an opportunity to export what would be manufactured here to the worldwide market.”
“We see that the H175 is very well positioned for several of those ambitions… We really see that as an aircraft for Canada, but… it would also be a helicopter from Canada.”
Balancing Economic Demands with Aerospace Realities
While Airbus is willing to expand its manufacturing footprint, company leadership has cautioned against overly transactional government demands. Michalon noted that while Airbus can offer research, development, and local procurement, there are practical limits to quid-pro-quo arrangements in aerospace manufacturing.
“If you ask us, ‘Can you bring a car plant in exchange for us selecting [an Airbus helicopter]?’ the answer is ‘Probably not, no.'”
AirPro News analysis
We observe that Canada’s deliberate pivot toward European defense partnerships represents a significant geopolitical shift. Historically, over 90% of Canada’s military helicopters and 100% of its fighter aircraft have been sourced from the United States. While diversifying procurement builds sovereign capacity and integrates Canada into European supply chains, defense experts suggest it could introduce interoperability friction with U.S. forces, particularly concerning joint North American Aerospace Defense Command (NORAD) operations.
Furthermore, establishing a Canadian export hub would provide Airbus with much-needed supply chain redundancy. By decentralizing production from its primary plants in France and Germany, Airbus can better insulate itself from European supply chain bottlenecks. Canada’s 2025 entry into the NATO Next Generation Rotorcraft Capability (NGRC) initiative also positions the country as a long-term collaborator alongside European nations to manage the rising development costs of future military rotorcraft.
Frequently Asked Questions (FAQ)
Why is Airbus considering building helicopters in Canada?
According to Bloomberg reporting, Airbus is exploring Canadian manufacturing for global export as a strategic incentive to win upcoming federal procurement contracts for the Canadian Armed Forces, Coast Guard, and RCMP.
What is Canada’s current defense spending target?
Under Prime Prime Minister Mark Carney, Canada officially hit the 2% NATO spending benchmark in March 2026 and has committed to reaching 5% of GDP by 2035, backed by an $81.1 billion multi-year investment.
What is the Defence Industrial Strategy (DIS)?
Launched in February 2026, the DIS is a Canadian government framework aiming to direct 70% of defense contracts to domestic firms, create 125,000 jobs, and boost defense exports by 50% by requiring foreign vendors to invest locally.
Sources:
Bloomberg
Provided Industry Research Report
Photo Credit: Airbus
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