SEOUL - South Korean and international defense firms have inked business deals exceeding $6 billion in value at the latest Seoul International Aerospace and Defense Exhibition (ADEX), event organizers announced Monday.
According to a new release by Yonhap News Agency, the value of contracts signed this year, $6.05 billion, marked a significant rise from the $128 million agreed upon in 2021. This year's ADEX concluded its six-day run at Seoul Air Base in Seongnam, just south of Seoul, on Sunday, hosting a record 550 companies from 35 countries.
Local firms also engaged in consultations for prospective business deals estimated at $29.4 billion during the event. This year's exhibition was the largest in both scale and number of participating companies since its inception in 1996.
South Korea showcased advanced domestically produced military hardware, including the KF-21 fighter jet still under development. The U.S. military sent a B-52H strategic bomber to perform a flyover during the exhibition, marking the 70th anniversary of the South Korea-U.S. bilateral alliance this year.