From 2018 to 2022, South Korea was the ninth largest weapons supplier globally, ahead of Israel, the Netherlands and Turkey.

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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