[3] During 2006, Paramount Group began developing its own portfolio of aerospace products, acquiring a number of surplus South African Air Force (SAAF) Dassault Mirage F1s that same year.

[3] Operated by its subsidiary, Paramount Aerospace Systems, the Mirage F1 fleet has been expanded over the years and is used for purposes such as providing aerial aggressor and ground crew maintenance training services to government customers.

[9][10] During December 2011, the UK national newspaper The Daily Telegraph reported that the Paramount Group's Wikipedia article had been edited by accounts linked to the controversial public relations company Bell Pottinger.

[18] During February 2014, Paramount Group announced that it had acquired Aerosud as a part of its strategy to rapidly expand its presence within the aerospace and defence markets.

[3] Furthermore, around the same time frame, a new division of the company, Paramount Robotic Systems, was created with the goal of developing autonomous capabilities with airborne, land and sea applications.

[3] During July 2014, Paramount Group and American aerospace company Boeing signed a memorandum of collaboration to develop products together across a wide range of areas, including humanitarian aid, disaster relief, anti-poaching and border protection.

[26] On 20 September 2018, Italian aerospace manufacturer Alenia Aermacchi signed an agreement with Paramount Group for the latter to evaluate and develop a combat-orientated model of the former's M-345 trainer aircraft to suit the requirements of prospective African customers.

Hellenic Defence Systems (EAS) and Paramount Industries Greece announced a strategic partnership on 11 May 2023 for the indigenous production of long-range loitering munitions.