South Korea eyes arms exports as  future growth engine

South Korean President Yoon Suk-yeol has pledged to step up efforts to boost arms exports and secure cutting-edge defence technologies as he aims to build the country s weapons industry and make it the fourth-largest arms exporter in the world.

Yoon on Thursday hosted a meeting on promoting defence exports for the first time since taking office in May_ designed to explore ways to shift the mainstay of the industry from domestic supplies to exports.

 The defence industry is a new future growth engine and the pivot of the high-tech industry_ Yoon told the meeting held at Korea Aerospace Industries_ South Korea s sole warplane developer located in the southeastern city of Sacheon.

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

Yoon called for better conditions for defence contractors to carry out research and investment and the establishment of an ecosystem that capable of fostering a more export-oriented industry structure.

The meeting came four months after South Korea clinched its biggest-ever arms deal with Poland_ estimated at up to 20 trillion Korean won ($15bn)_ including the exports of tanks and howitzers.

In August_ Yoon unveiled a goal of making the country s defence industry the world s fourth-largest producer_ after the United States_ Russia and France.

A growing number of countries_ including Australia and Norway_ are seeking to ramp up defence cooperation_ which would help bolster South Korea s capability to counter North Korea s threats while contributing to peace and stability in the international community_ Yoon said.

 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 said.