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 [...]
SEOUL, Jan. 19 (Korea Bizwire) – South Korea’s Navy will receive a new diesel-electric air-independent propulsion submarine Friday capable of staying underwater more than 10 days, the state arms agency said. The Defense Acquisition Program Administration (DAPA) plans to deliver the Hong Beom Do submarine to the Navy in a ceremony at the shipyard of Hyundai Heavy Industries in Ulsan. Named after a respected independent fighter during Japan’s [...]
SEOUL, Jan. 15 (Korea Bizwire) — South Korea’s exports of weapons jumped to US$3.19 billion last year amid efforts to diversify products, customers and marketing methods, the country’s state arms agency said Monday. It represents a 25 percent increase from $2.55 billion posted in 2016, according to the Defense Acquisition Program Administration (DAPA). It’s unusual [...]
SEOUL, Nov. 1 (Korea Bizwire) — South Korea has developed a new thermal imagery sight for the 20-mm anti-aircraft Vulcan cannon, the state arms agency said Wednesday. The new device will be delivered to the local Army, Air Force and Marine Corps, starting in 2019, to replace the existing AN/TVS-5 night vision sight, according to [...]
SEOUL, May 25 (Korea Bizwire) – South Korea’s defense authorities on Wednesday approved a procurement project to improve the military’s system to identify aircraft and determine whether it’s an enemy or a friendly force. In a monthly meeting on pending arms-related projects, presided over by Defense Minister Han Min-koo, the military decided to launch the Identification Friend or Foe (IFF) program next year via both the country’s own R&D [...]
SEOUL, Mar. 3 (Korea Bizwire) – A total of 19 food companies accused of colluding to fix prices for, military food services are on a collision course with government authorities. On March 2, the Korea Fair Trade Commission (KFTC) announced that it had imposed cumulative penalties of 33.5 billion won on 19 companies, including Dongwon Home [...]