By Eliza Popova
This was reported on November 27 by CNBC. The authors of the publication write that in the period from 2010 to 2017, South Korea has tripled the total export of defense products to $ 3. 1 billion, thus becoming one of the largest players in the arms market. In addition, South Korean exporters have overcome fierce competition by Western defense producers and cheaper Chinese developers thanks to state support, attractive prices and faster delivery terms.
"Seoul seeks to become the fourth largest weapon exporter after the US, Russia and France by 2027," CNBC observers say. In their article, journalists referred to the words of South Korean President Yun Suk Yel, who promised to transform the country's military industry into a strategic one. "The government will develop the defense industry, turning it into a modern strategic industry that will promote economic growth," the politician said.
The defensive analyst Yulgock Kim noted that South Korea's competitiveness is due to several "important and excellent factors". There are only four of them: as for the Korean weapons leaders, they included Hanwha, Korea Aerospace Industries, Lig Nex1 and Hyundai Rotem. Earlier it was reported that South Korea has suspended part of the intercordic military agreement of 2018 in protest against the launch of the DPRK Satellite-spy.
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