South Korea, Saudi Arabia sign agreement on defence cooperation

LIG Defense & Aerospace

05/02/2024 03:20

SEOUL, Feb 5 (Reuters) - South Korea and Saudi Arabia on
Sunday signed a memorandum of understanding to expand defence
cooperation, Seoul's Defense Acquisition Program Administration
(DAPA) said, as Seoul looks to ink further arms sales in the
region.
    The agreement will see the two establish a joint committee
to form a working group for weapons systems research and
development as well as production to continue cooperation in
defence, DAPA said in a press release on Monday.
    Defence minister Shin Won-sik, who was visiting Riyadh for
the World Defense Show as part of a week-long trip to the Middle
East, and his Saudi counterpart Khalid bin Salman Al Saud were
present during the signing of the agreement, according to DAPA.
    A DAPA spokesperson did not share further details when asked
about the agreement at a media briefing on Monday.
    South Korea is looking to boost sales to become one of the
world's largest suppliers of weapons, despite stiff competition
from other global arms exporters.
    Its arms sales jumped to $17 billion in 2022 from $7.25
billion the year before, data from the defence ministry showed.
        The country's weapons exports to the Middle East grew
nearly tenfold between 2013 and 2022, according to the Korea
Chamber of Commerce and Industry.
  
        In recent years, South Korean companies Hanwha, Poongsan
and LIG Nex1 concluded deals with Saudi Arabia, collectively
worth around $989 million, for multiple rocket launchers,
ammunition and electro-optical systems, and more deals could be
in the works, according to a November report by the London-based
International Institute for Strategic Studies (IISS).
  
        "Arab Gulf states are looking to diversify their sources
of defence procurement and partnerships beyond their traditional
Western suppliers," the report said. "And Seoul can offer
increasingly advanced equipment alternatives, often at
competitive prices and with shorter lead times."
  

 (Reporting by Hyunsu Yim; Additional reporting by Josh Smith;
Editing by Ed Davies)
 ((Hyunsu.Yim@thomsonreuters.com;))