South Korea wants to become one of the world's biggest arms dealers
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Published 2023-11-27
In recent years, South Korea has edged out stiff competition from Western defense manufacturers and cheaper Chinese developers with government support, attractive pricing and faster delivery times.
Seoul has ambitions to be the fourth-largest weapons exporter by 2027, after the United States, Russia and France.
“The government will nurture the defense industry into a state-of-the-art strategic industry that leads economic growth,” South Korean President Yoon Suk Yeol has stated.
Today, the biggest South Korean defense companies include Hanwha, Korea Aerospace Industries, LIG Nex1 and Hyundai Rotem.
“The Korean government is fairly supportive in approving the technology transfers and exports of some very crucial parts and technology,” Kim Dae-young, an executive vice president at Hanwha Aerospace, told CNBC.
Jumong Kim, a defense analyst, noted that South Korea’s competitiveness comes from a few important and distinctive factors.
“First, fast delivery timeline. Second, manufacturing efficiency and prowess. Third, strong governmental willingness to support defense contractors. Fourth, high demands of defense products because of confrontational situation vis-a-vis North Korea and China in the region,” he said.
Oskar Pietrewicz, a defense analyst from Poland, said that the needs of the South Korean military also ensures that its defense industry maintains a high production capacity.
“Korea has lots of weapons and has the potential to deliver them very quickly,” Pietrewicz noted.
But are these factors enough for South Korea to become one of the world’s biggest arms dealers? Watch the video to find out.
#CNBC #SouthKorea #MilitarySpending #Defense #BusinessNews
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All Comments (21)
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Imagine South Korea had the Chinese land + resources instead. They have such a small land and yet they are one of the top nations in the world with the most advanced technologies..
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South Korea didn't suddenly develop a military industry. South Korea has world-class manufacturing technologies in semiconductors, secondary batteries, electric vehicles, displays, smartphones, home appliances, and shipbuilding. The accumulation of these advanced technologies is the foundation for the development of the military industry.
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I must say that South Korea's efforts at designing and manufacturing armored vehicles have been impressive.
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Korean weather hot n cold own equipments must endure all their weather conditions so any country buys their products will do fine any circumstances
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Ironically instead of Japan and USA, Russia has given many helps to South Korea aerospace.
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As an American, I commend South Korea for supplying standardized equipment to our NATO Allies.
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Very impressed by South Korean equipment. Great tanks these guys are building.
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Another thing that South Korea do that made them the 2nd biggest supplier for Poland was the fact they don't treat us like 2nd grade country. Western European firms/countries treat us like this and expect to still buy their overpriced crap that's always delayed and is 2nd grade in terms of quality. Just ask Polish army mechanics how often they have a simple problem with German made Leopards that can be fixed within a day but they refuse to send parts and instead require them to send the entire tank for "diagnostics" back to Germany
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I Love S.Korea, greetings from the Philippines! Saranghe!
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S Korea is becoming a behemoth of Industry - they produce pretty much everything , and top quality at that.
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South Korea is by far one of closest allies of US that even practices military drills together to this day. US has sure influenced the modernizing S.Korea and S. Korea milked every ounce of that opportunity with hard work and dedication.
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The Republic of Korea was the poorest country in the world and faced communism. We prevented communism with the help of many countries, including the U.S. military, and with their help, we achieved economic and technological advances. I remember their help whenever I see a news article about the Republic of Korea becoming a powerhouse in the defense industry. Infinite gratitude for their blood.
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Korea's machine design and manufacturing capabilities and industrial base are amazing. It even has the best IT technology. All processes work surprisingly economically and efficiently without waste.
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We thank South Korea for providing us with arms, especially jets. When nobody wants to sell us jets. 🇵🇭
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South Korea is the definition of Small country, big impacts. Not only do they have a massive cultural export, their Military industrial complex is built very handily out of already extremely mature and cutting edge industries in chipmaking, heavy and light industries, and so much moer.
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South Korea is going to maintain the edge for a long time. They source their materials cheap. They prioritize education in their culture, their talented engineers will only get better and more competitive. From what I understand they have set ethical and work standards, money isn’t the only thing driving them. It’s going to be very difficult to knock them from their top spot
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We always support our Korean brothers. Greetings from brother country Türkiye
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I believe. Korean is the most intelligent people in the world. They are making everything at top of the line
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Korea, with its small territory and small population, has maintained its history for over 5,000 years despite being invaded, and is currently the world's third most technologically advanced country and first in technological innovation. With this technological prowess, it has achieved the world's 5th largest military power and also has economic power and cultural influence such as kpop and kdrama. Korea is one of the developed countries in Asia, like Japan and Singapore, and they are a clear example of self-made men and should be celebrated. Why are only some Chinese and Japanese willing to criticize Korea? It is clear that there was help from the United States, but what about Japan? Hmm...well, didn't they also develop by copying Western technology?
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It take's Germany the richest country in Europe 5 years to deliver 1 tank? 😂🤣
