GYERYONG CITY:

South Korea is making significant strides to enhance its military capabilities and position itself as a leading arms exporter with its largest defence exhibition happening this week. The Korea Army International Defence Industry Exhibition is being held at Gyeryongdae, the nation's military headquarters located approximately 145 kilometers south of Seoul.

This five-day event, which kicks off with 365 local and international companies, is expected to attract high-ranking officials from 27 countries. The exhibition provides a platform to showcase an array of advanced South Korean weaponry, including the K2 main battle tank, a state-of-the-art military vehicle designed for high-intensity conflicts.

A Strategic Economic Move in Arms Sales

In recent years, South Korea's arms exports have undergone a remarkable transformation. What was an annual export range of $2 billion to $3 billion just four years ago skyrocketed to $7.3 billion in 2021 and an astounding $17.3 billion in 2022. The South Korean government aims to escalate this to around $20 billion this year, showing an aggressive shift in focus towards military sales as a crucial revenue source.

Defense Minister Kim Yong-hyun highlighted the historical context underlying South Korea's defence advancements, emphasizing that the ongoing tension with North Korea has spurred the nation to develop practical and combat-ready military technologies. "As the only divided country in the world, Korea is still technically at war," Minister Kim stated during the opening ceremony on October 2. This unique geopolitical situation necessitates a robust defense posture, fueling the demand for domestic military innovation.

Escalating Defence Budgets Amid North Korean Threats

To bolster its military readiness, South Korea plans to invest approximately 350 trillion won (around $260 billion) in defense initiatives from now until 2028. This considerable budget will be directed toward upgrading military capabilities, maintaining personnel, enhancing equipment, and improving facilities. Recent deals include the procurement of military satellites, F-35A stealth fighter jets from the United States, and deepening collaborations in drone technology with Poland.

Aims for Global Arms Market Leadership

Currently ranked as the world’s 10th largest arms exporter, South Korea has ambitions to rise to the fourth position by 2027. Industry experts recognize the incremental growth of the South Korean defence sector, with increasing attention from global manufacturers recognizing the competitiveness of South Korean products.

Henrik Lonn, managing director of Swedish defence manufacturer Saab’s South Korean market, praised South Korea's rapid development driven by domestic needs and government intent to achieve self-sufficiency in defense materials.

Strategic Partnerships on the Horizon

Experts suggest that the government prioritizes the defence sector and has significantly invested in human resources essential for achieving its arms export goals. Expansion of cooperation with nations like Vietnam is a promising avenue, especially as Vietnam seeks to diversify its military supplies beyond Russia following the invasion of Ukraine.

As the exhibition continues until Sunday, October 5, many are watching closely to see how South Korea will leverage this event to secure new international partnerships and further solidify its role in the global arms market.

In a world where military preparedness is more critical than ever, South Korea's strategic maneuvers in enhancing its defence capabilities and expanding its arms exports are poised to shape the future of regional and global security dynamics.