Newsnomics AJAY ANGELINA reporter | South Korea’s President Yoon Suk-yeol has aims to build the
country’s weapon industry to boost weapons exports and secure cutting-edge defense technologies the
world’s fourth largest arm exporters after the United States, Russia and France.
President Yoon said, “The defense industry is a new future growth engine and the pivot of the high-tech
industry,” during his visit to the Korea Aerospace Industries in Sacheon, South Kyongsang Province on
Thursday Nov 24.
Yoon said, “With the intensifying competition for technological supremacy, we need to secure technological
competitiveness to develop game-changing weapon systems for future wars.” He believes that exports of
defense products would contribute to the peace and stability of the international community and strengthen
solidarity with the nation’s allies, vowing to “actively support” defense exports while maintaining a thorough
military preparedness.
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.
The amount of the nation’s defense export stood at an annual average of $3 billion for many years until 2020, but increased to $7.25 billion last year, according to the presidential office. This year, the figure amounted to $17 billion, the highest level ever, due to a large-scale arms export deal with Poland worth $12.4 billion.
