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Published: 15:34, November 24, 2022 | Updated: 06:55, November 25, 2022
South Korea's Yoon looks to boost arms exports
By Reuters
Published:15:34, November 24, 2022 Updated:06:55, November 25, 2022 By Reuters

South Korea's President Yoon Suk-yeol arrives for the G20 leaders' summit in Nusa Dua, on the Indonesian resort island of Bali on Nov 15, 2022. (MAST IRHAM / AFP)

SEOUL- South Korea's President Yoon Suk-yeol pledged on Thursday to step up efforts to boost weapons exports and secure cutting-edge defense technologies as he aims to build the country's weapons industry into the world's fourth-largest arms exporter.

Yoon hosted a meeting on promoting defense exports for the first time since taking office in May, designed to explore ways to shift the mainstay of the industry to exports from domestic supplies.

Yoon hosted a meeting on promoting defence exports for the first time since taking office in May, designed to explore ways to shift the mainstay of the industry to exports from domestic supplies

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"The defense industry is a new future growth engine and the pivot of the high-tech industry," Yoon told the meeting held at Korea Aerospace Industries Ltd, South Korea's sole warplane developer located in the southeastern city of Sacheon.

"With the intensifying competition for technological supremacy, we need to secure technological competitiveness to develop game-changing weapon systems for future wars."

To that end, he called for improving the conditions for research and investment by defense contractors, and building an ecosystem that can grow autonomously by fostering a more export-oriented industry structure.

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The meeting came four months after South Korea clinched its biggest ever arms deal with Poland, estimated at up to 20 trillion won ($15 billion), including exports of tanks and howitzers.

In August, Yoon unveiled a goal of nurturing the country's defence industry into the world's fourth-largest, after the United States, Russia and France.

A growing number of countries, including Australia and Norway, are seeking to ramp up defense cooperation, Yoon said.

He added that the government will maintain thorough military readiness posture while actively supporting those exports.


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