The Air Force’s Black Eagles aerobatic team draws a “taegeuk” symbol of the South Korean flag over Seoul Air Base in Seongnam, just south of Seoul, on Oct. 22, 2023, during the Seoul International Aerosospace and Defense Exhibition. (Image courtesy of Yonhap)
SEOUL, Oct. 23 (Korea Bizwire) — South Korean and foreign defense companies signed business contracts worth more than US$6 billion during the latest biennial arms exhibition held south of Seoul, its organizers said Monday.
A total of $6.05 billion worth of deals were signed during the Seoul International Aerospace & Defense Exhibition (ADEX), sharply up from the $128 million clinched in 2021, according to the organizers.
The ADEX capped off a six-day run at Seoul Air Base in Seongnam, just south of Seoul, on Sunday, after bringing together a record 550 companies from 35 countries.
Local firms also held consultations over potential business deals, valued at $29.4 billion, during the latest exhibition, they said.
This year’s exhibition marked the largest ever in scale and in the number of participating firms since it was launched in 1996.
South Korea showed off advanced homegrown military hardware, including the KF-21 fighter jet under development, while the U.S. military sent a B-52H strategic bomber to fly over the exhibition to mark the 70th anniversary of the bilateral alliance this year.
(Yonhap)
