South Korea's Yoon looks to boost arms exports, develop defence tech

Korea Aerospace Industries

24/11/2022 05:35

By Hyonhee Shin
       SEOUL, Nov 24 (Reuters) - South Korea's President Yoon
Suk-yeol pledged on Thursday to step up efforts to boost weapons
exports and secure cutting-edge defence technologies as he aims
to build the country's weapons industry into the world's
fourth-largest arms exporter. 
    Yoon hosted a meeting on promoting defence exports for the
first time since taking office in May, designed to explore ways
to shift the mainstay of the industry to exports from domestic
supplies. 
    "The defence industry is a new future growth engine and the
pivot of the high-tech industry," Yoon told the meeting held at
Korea Aerospace Industries Ltd  047810.KS , South Korea's sole
warplane developer located in the southeastern city of Sacheon. 
    "With the intensifying competition for technological
supremacy, we need to secure technological competitiveness to
develop game-changing weapon systems for future wars."
    To that end, he called for improving the conditions for
research and investment by defence contractors, and building an
ecosystem that can grow autonomously by fostering a more
export-oriented industry structure.
    The meeting came four months after South Korea clinched its
biggest ever arms deal with Poland, estimated at up to 20
trillion won ($15 billion), including exports of tanks and
howitzers. 
    In August, Yoon unveiled a goal of nurturing the country's
defence industry into the world's fourth-largest, after the
United States, Russia and France. 
    A growing number of countries, including Australia and
Norway, are seeking to ramp up defence cooperation, which would
help bolster South Korea's capability to counter North Korea's
threats while contributing to peace and stability in the
international community, Yoon said. 
    "Some say that there might be a vacuum in our military force
due to defence exports as part of their political offensive, but
the government will maintain thorough military readiness posture
while actively supporting those exports," Yoon said. 
($1 = 1,326.5100 won)
 (Reporting by Hyonhee Shin. Editing by Gerry Doyle)
 ((hyonhee.shin@thomsonreuters.com;))