Russia will spend around 1.1 trillion rubles ($16.7 billion) on its military manufacturing sector in the 2016-2020 period.
According to TASS, Russian Deputy Prime Minister Dmitry Rogozin made the remark during a meeting attended by Prime Minister Dmitry Medvedev on May 30.
Medvedev told his deputies that Russia was currently the second-largest arms exporter in the world and it should retain this position.
The Russian military suffered years of neglect after the Soviet collapse, but in recent years has undergone a major overhaul.
Based on reporting by Interfax, TASS, and Reuters