Seoul: The government and the ruling People Power Party (PPP) have reached an agreement on a series of support measures aimed at bolstering the nation’s arms exports. These measures are part of a strategic plan to expand South Korea’s presence in the global defense market.
According to Yonhap News Agency, the newly agreed measures will see an investment of over 3 trillion won (approximately US$2 billion) by 2027. This investment will be directed towards developing 10 key technology sectors, including artificial intelligence, space, and high-end materials. Rep. Kim Sang-hoon, the PPP’s top policymaker, highlighted these sectors as critical for enhancing the country’s defense capabilities.
The government will also extend financial support to small and medium-sized arms manufacturers, offering up to 5 billion won over the next two years. This support will be further supplemented through state-run financial institutions, providing a robust backing for the industry’s development.
South Korea’s strategic goal is to secure a 5 percent share of the global arms export market, positioning itself as the fourth-largest defense exporter by 2027. Through these measures, the government and the PPP aim to strengthen the nation’s defense industry and enhance its competitive edge on the international stage.