SEOUL: South Korea and Saudi Arabia on Sunday (Feb 5) signed a memorandum of understanding to broaden defence cooperation, Seoul’s Protection Acquisition Program Administration (DAPA) mentioned, as Seoul appears to ink additional arms gross sales within the area.
The settlement will see the 2 set up a joint committee to kind a working group for weapons methods analysis and growth in addition to manufacturing to proceed cooperation in defence, DAPA mentioned in a press launch on Monday.
Defence minister Shin Received-sik, who was visiting Riyadh for the World Protection Present as a part of a week-long journey to the Center East, and his Saudi counterpart Khalid bin Salman Al Saud had been current throughout the signing of the settlement, in keeping with DAPA.
A DAPA spokesperson didn’t share additional particulars when requested concerning the settlement at a media briefing on Monday.
South Korea is trying to increase gross sales to develop into one of many world’s largest suppliers of weapons, regardless of stiff competitors from different international arms exporters.
Its arms gross sales jumped to US$17 billion in 2022 from US$7.25 billion the yr earlier than, information from the defence ministry confirmed.
The nation’s weapons exports to the Center East grew almost tenfold between 2013 and 2022, in keeping with the Korea Chamber of Commerce and Trade.
Lately, South Korean firms Hanwha, Poongsan and LIG Nex1 concluded offers with Saudi Arabia, collectively price round US$989 million, for a number of rocket launchers, ammunition and electro-optical methods, and extra offers might be within the works, in keeping with a November report by the London-based Worldwide Institute for Strategic Research (IISS).
“Arab Gulf states want to diversify their sources of defence procurement and partnerships past their conventional Western suppliers,” the report mentioned. “And Seoul can supply more and more superior gear alternate options, usually at aggressive costs and with shorter lead occasions.”
