South Korea and Saudi Arabia to cooperate in defence industry
World
On 4 February, South Korea and Saudi Arabia signed a memorandum of understanding on the military-industrial complex and joint development of weapons. This is reported by Reuters.
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"Seoul looks to ink further arms sales in the region," the report said.
The agreement will see the two establish a joint committee to form a working group for weapons systems research and development as well as production to continue cooperation in defence.
Defence minister Shin Won-sik, who was visiting Riyadh for the World Defense Show as part of a week-long trip to the Middle East, and his Saudi counterpart Khalid bin Salman Al Saud were present during the signing of the agreement.
South Korea is looking to boost sales to become one of the world's largest suppliers of weapons, despite stiff competition from other global arms exporters.
Its arms sales jumped to $17 billion in 2022 from $7.25 billion the year before, data from the defence ministry showed.
The country's weapons exports to the Middle East grew nearly tenfold between 2013 and 2022, according to the Korea Chamber of Commerce and Industry.
In recent years, South Korean companies Hanwha, Poongsan and LIG Nex1 concluded deals with Saudi Arabia, collectively worth around $989 million, for multiple rocket launchers, ammunition and electro-optical systems, and more deals could be in the works.
The agreement will see the two establish a joint committee to form a working group for weapons systems research and development as well as production to continue cooperation in defence.
Defence minister Shin Won-sik, who was visiting Riyadh for the World Defense Show as part of a week-long trip to the Middle East, and his Saudi counterpart Khalid bin Salman Al Saud were present during the signing of the agreement.
South Korea is looking to boost sales to become one of the world's largest suppliers of weapons, despite stiff competition from other global arms exporters.
Its arms sales jumped to $17 billion in 2022 from $7.25 billion the year before, data from the defence ministry showed.
The country's weapons exports to the Middle East grew nearly tenfold between 2013 and 2022, according to the Korea Chamber of Commerce and Industry.
In recent years, South Korean companies Hanwha, Poongsan and LIG Nex1 concluded deals with Saudi Arabia, collectively worth around $989 million, for multiple rocket launchers, ammunition and electro-optical systems, and more deals could be in the works.
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