South Korea’s Boeing 737-based Peace Eye airborne early warning and control aircraft (R) and F-15K fighters flying in formation over the country on a mission ahead of New Year’s Day, in this file photo provided by the Joint Chiefs of Staff on Dec. 31, 2019.
SEOUL, April 13 (Korea Bizwire) — South Korea’s arms procurement agency and U.S. defense giant Boeing signed a memorandum of understanding (MOU) Thursday for joint research and development of cutting-edge weapons systems, officials said.
Eom Dong-hwan, minister of the Defense Acquisition Program Administration (DAPA), and Boeing Defense, Space & Security CEO Theodore Colbert signed the pact in Seoul, which seeks to jointly develop advanced weapons in preparation for future warfare, according to DAPA.
The two sides plan to decide on the research projects by the end of this year and form senior-level and working-level dialogue platforms, joined by officials from South Korean defense research institutes and the military, DAPA said.
It plans to push for the joint research in the form of offset trade when making deals with Boeing in the future.
Under the offset trade program, Seoul has sought to set conditions, such as technology transfers, when selecting foreign contractors for the supply of major defense products.
“Through this MOU signing, we can expect continued creation of large-scale added value for the defense sector and a broader positive impact on the arms industry ecosystem,” Eom was quoted as saying.
“Medium- and small-sized arms companies will have the opportunity to continuously participate in Boeing’s global value chain.”
The pact’s signing comes as Seoul seeks to bolster its defense industry’s competitiveness and further boost arms exports after clinching a series of major deals last year.
(Yonhap)
