South Korea makes merry amid Russia-Ukraine war, records $17.3 billion in arms sales
South Korea
The Russia-Ukraine war has come as a blessing in disguise for the South Korean defence industry. The country has earned billions without becoming directly involved in the war or associated in any capacity with the two warring factions.
Last year, S Korea's defence exports rose to $17.3 billion, which is an upswing of over 140 per cent, compared to 2021, according to Korea Institute for Industrial Economics and Trade (KIET). The exports included the sale of fighter jets, self-propelled howitzers, tanks and multiple rocket launchers.
Despite not directly supplying weapons to Ukraine, so as not to antagonise Moscow, S Korea is doing its part of the bidding by arming allies. It has supplied weapons worth $12.4 billion to Poland which has been against Russia from the beginning. Romania, another NATO nation is also in the middle of a negotiation to buy S Korean K9s.
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The smart play by S Korean government keeping its national and economic interests in mind has gained the appreciation of domain experts. The country is still unwavering in support of its main ally Washington but has also managed to keep Kremline, relatively neutral.
The astronomic rise in export numbers is keeping in line with the vision of S Korean President Yoon Suk Yeol who is determined to make his country the fourth-largest weapons exporter by 2027.
"The defence industry is a new future growth engine and the pivot of the high-tech industry. With the intensifying competition for technological supremacy, we need to secure technological competitiveness to develop game-changing weapon systems for future wars," he said in a meeting held at Korea Aerospace Industries last year.
Read more:South Korea unveils ‘Kill Web’ concept amid rising tensions with North Korea
According to the Stockholm International Peace Research Institute, between 2017 and 2021, among the world's top 25 arms exporting countries, S Korea was the fastest-growing export market.
S Korea has started 2023 on a positive note as well. In one of the most lucrative deals ever, Korea Aerospace Industries (KAI) sealed a $920 million (1.2 trillion won) deal to export 18 FA-50 light-attack aircraft to Malaysia. KAI is S Korea's sole aircraft maker.
(With inputs from agencies)
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