Yoon vows to expand support for defense industry

Dec 08, 2023, 10:03 am

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President Yoon Suk-yeol speaks during a defense export strategy meeting at Hanwha Aerospace in Gyeonggi Province on Dec. 7, 2023. / Source: Yonhap News

AsiaToday reporter Hong Sun-mi

President Yoon Suk-yeol said on Thursday that the swift development and application of advanced technologies such as AI, space, integrated manned and unmanned systems and robotics are crucial in gaining a competitive edge in the global defense market.

Yoon made the remarks during a defense export strategy meeting at Hanwha Aerospace in Pangyo, south of Seoul. “We held such export strategy meeting in Pangyo, the center of high technologies, to prepare for the growth of high technologies in Korean defense industry,” he said.

“The defense industry is a strategic sector that underpins our security and economy. We should work together to ensure that the defense industry becomes the future growth engine of the Republic of Korea, and the government should take the lead,” Yoon said.

Yoon said his upcoming visit to the Netherlands next week will create new opportunities for the defense industry.

“During the state visit to the Netherlands, we will focus on ways to strengthen the semiconductor alliance between the two countries,” he said. “Increased collaboration in the semiconductor field with the Netherlands, which has world-leading extreme ultraviolet (EUV) technology, will significantly contribute to strengthening our defense capabilities, and provide new opportunities for defense exports.”

In his closing remarks, Yoon explained why his government is focusing on defense exports, saying, “It takes nearly 50 to 60 trillion won a year for defense. If you think of it as an investment for industrial development, its meaning changes and becomes our asset.” He said that investment in defense industry should be changed to something that increases our GDP and growth and creates jobs.

The meeting was the second to be held under Yoon’s presidency since 2022 at Korea Aerospace Industries’ (KAI) headquarters in Sacheon, South Gyeongsang Province.

At the meeting, the government unveiled its comprehensive arms export strategy to make Korea rank among the top four global defense powerhouses by 2027. The strategy focuses on fostering five key industries: space, artificial intelligence (AI), manned and unmanned weapons systems, semiconductors and robotics.

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