The conflict between Russia and Ukraine has actually been a blessing in disguise for the defense sector of South Korea. The nation has made billions without taking part in the conflict directly or cooperating with either of the two opposing sides in any way. According to the Korea Institute for Industrial Economics and Commerce, South Korea’s defense exports increased by nearly 140% from 2021 to last year, reaching $17.3 billion (KIET). Fighter planes, self-propelled howitzers, tanks, and multiple rocket launchers were among the exports sold.
South Korea is contributing to the effort by equipping allies, despite the fact that it does not directly provide weapons to Ukraine in order to avoid upsetting Moscow. It has given Poland, which has always been against Russia, weaponry worth $12.4 billion. Another member of NATO, Romania, is presently negotiating the purchase of S Korean K9s.
S Korea was the top export market for weaponry among the top 25 nations in the world between 2017 and 2021
“The defense 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.
S Korea was the top export market for weaponry among the top 25 nations in the world between 2017 and 2021, according to the Stockholm International Peace Research Center. S Korea has also gotten off to a good start in 2023. Korea Aerospace Industries (KAI) signed a $920 million (1.2 trillion won) agreement to deliver 18 FA-50 light-attack aircraft to Malaysia in one of the most lucrative business deals ever. S Korea’s lone aircraft manufacturer is KAI.