South Korea aims to increase its arms exports to US$5 billion in the next five years by fostering smaller firms’ trade and diversifying markets, a government agency said Friday. (Image: Yonhap)
SEOUL, March 9 (Korea Bizwire) — South Korea aims to increase its arms exports to US$5 billion in the next five years by fostering smaller firms’ trade and diversifying markets, a government agency said Friday.
The defense industry of Asia’s key economy has grown largely on domestic demand for products made by conglomerates.
Its weaponry exports totaled $3.19 billion in 2017, with around 38,000 people employed in the local sector.
Under the five-year framework plan released by the Defense Acquisition Program Administration (DAPA), South Korea’s arms industry will be transformed into an export-led one.
It set the target of raising the arms export volume to $5 billion and the number of workers in related businesses to 50,000 by 2022.
A key strategy is to secure the technology to develop advanced weapon systems and strengthen global competitiveness.
The DAPA will expand support for research and development projects, especially by small and medium-sized defense firms and startups.
(Yonhap)
