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South Korea’s Yoon looks to boost arms exports, develop defence tech

South Korea’s Yoon seems to spice up arms exports, develop defence tech

SEOUL, Nov 24 (Reuters) – South Korea’s President Yoon Suk-yeol pledged on Thursday to step up efforts to spice up weapons exports and safe cutting-edge defence applied sciences as he goals to construct the nation’s weapons business into the world’s fourth-largest arms exporter.

Yoon hosted a gathering on selling defence exports for the primary time since taking workplace in Might, designed to discover methods to shift the mainstay of the business to exports from home provides.

“The defence industry is a new future growth engine and the pivot of the high-tech industry,” Yoon informed the assembly held at Korea Aerospace Industries Ltd (047810.KS), South Korea’s sole warplane developer situated within the southeastern metropolis of Sacheon.

“With the intensifying competition for technological supremacy, we need to secure technological competitiveness to develop game-changing weapon systems for future wars.”

To that finish, he known as for enhancing the circumstances for analysis and funding by defence contractors, and constructing an ecosystem that may develop autonomously by fostering a extra export-oriented business construction.

The assembly got here 4 months after South Korea clinched its largest ever arms take care of Poland, estimated at as much as 20 trillion gained ($15 billion), together with exports of tanks and howitzers.

In August, Yoon unveiled a aim of nurturing the nation’s defence business into the world’s fourth-largest, after the USA, Russia and France.

A rising variety of nations, together with Australia and Norway, are in search of to ramp up defence cooperation, which might assist bolster South Korea’s functionality to counter North Korea’s threats whereas contributing to peace and stability within the worldwide neighborhood, Yoon mentioned.

“Some say that there might be a vacuum in our military force due to defence exports as part of their political offensive, but the government will maintain thorough military readiness posture while actively supporting those exports,” Yoon mentioned.

($1 = 1,326.5100 gained)

Reporting by Hyonhee Shin. Enhancing by Gerry Doyle

Our Requirements: The Thomson Reuters Belief Rules.

Editorial staff
Editorial staff
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