Defense Minister Dragan Sutanovac on Aug. 2 said he expects the military industry shortly to sign export contracts worth USD1 billion.

"In the coming days, we hope to ink contracts on the export of the first USD1 billion by our defense industry and we are convinced that the revenue will open up jobs and ensure a budget increase for the armed forces," Sutanovac said at a festivity marking Aviation Day at the military airport Ladjevci, near Kraljevo.

The minister went on to say that a developmental program has been launched in the fields of repair and overhaul, armaments and military equipment, adding that the Serbian Armed Forces have a very important "economic character" because extremely important contracts with other countries have been signed over the past few years.

"Due to the global economic crisis, the Serbian Armed Forces have certain problems, which have mostly affected aviation, and so our wish is to ensure more funds from next year's budget and thereby revitalize the air force," the minister stressed.

One of the ministry's important plans, according to Sutanovac, is to convert military airports in Ladjevci, Batajnica and possibly in Ponikve and Kovin into civilian airports. Sutanovac added he hopes that the airport in Ladjevci will be rearranged for civilian purposes this time next year.

"By converting Ladjevci into a civilian airport we will help the development of the entire region as it will be used by those who fly on vacations, as well as those who export goods from Serbia," Sutanovac explained.