SEOUL, Nov. 4 (Korea Bizwire) — Hanwha Aerospace Co. of South Korea signed an executive contract, worth US$3.55 billion, with Poland for the supply of Chunmoo multiple launch rocket systems, Seoul’s defense authorities announced Friday.
The two sides signed the deal as a follow-up to a framework contract inked last month.
It has lifted South Korea’s total arms exports this year to US$17 billion, more than double $7.25 billion posted in 2021, according to the Ministry of National Defense and the Defense Acquisition Program Administration (DAPA).
The volume marks an all-time high in the country’s annual exports of weapons.
Hanwha Aerospace, which recently merged its subsidiary Hanwha Defense, signed contracts with Poland earlier this year to export K2 battle tanks, K9 self-propelled howitzers and FA-50 fighter jets, as the European country has emerged as South Korea’s key arms export market.
“Arms exports are very important militarily in terms of state-to-state sharing of weapons systems, mutual military support and the strengthening of security partnerships,” the ministry and DAPA said in a joint press release.
Going forward, South Korea and Poland will further develop defense industry ties by seeking exports to a third market through technology cooperation, joint research and development, and production, they added.