The government held a joint public-private-military meeting to prepare strategies to expand defense industry exports, saying it would foster the defense industry as a progressive strategic industry that would lead national security and the economy.
The Ministry of National Defense emphasized at the meeting, “The expansion of defense industry exports will strengthen the industry’s technology and foundation, ultimately creating a virtuous circle that contributes to the construction of advanced military power.”
Following this, the Ministry of National Defense will strengthen the export support system, including the creation of a won fund of 120 billion, as a key task for the expansion of defense industry exports, and the military will also participate in ‘back control -selling’ through joint military training to ensure that the quality of our weapon systems is met.
In addition, he added that the defense research and development budget will be gradually increased to 10% of the total budget, and future core technologies, including artificial intelligence and hypersonic speed, will be pre-emptively secured to develop weapons system development capabilities.
Through these core tasks, the Ministry of National Defense announced that it will exceed 5% of the global defense export share by 2027 and become the world’s fourth largest defense exporter, while contributing to building a strong military in science and technology and the growth of the national economy.
The joint meeting was attended by President Yoon Seok-yeol, Trade, Industry and Energy Minister Lee Chang-yang, Defense Minister Shin Beom-chul, and Defense Acquisition Program Administrative Director Eom Dong-hwan, as well as the heads of all military service. and representatives from 60 defense companies.
Korea’s defense exports increased to $17 billion this year, recording a record high, and its share of the global export market between 2017 and 2021 was 2.8%, ranking 8th.