U.S. defense budgets are under pressure, with tens of billions of dollars in funding being cut this year -- and hundreds of billions in cuts coming down the pike. If U.S. defense contractors are to survive, and thrive, there's just no alternative. They must find new, growing defense markets outside U.S. borders.

But where should they go to find these growing markets? And which defense companies are making the most progress in opening up these markets? Listen in as Fool contributor Rich Smith lays it all out for you.