With Russia’s invasion of Ukraine coming on top of rising tensions over China's territorial claims in the South China Sea and Mideast dysfunction, it's a gold rush time for weapons makers. South Korea is cashing in after a decades-long drive to join the top ranks of global arms suppliers.
A South Korean K-2 battle tank, developed by Hyundai Rotem Co., during a live-fire exercise at the Defense Expo Korea 2022 at a military base in Pocheon, South Korea, on Sept. 20.The international arms trade has largely flowed West to East, with North American and European countries accounting for a whopping 87% of weapons exports from 2017 to 2021.Poland agreed this summer to purchase tanks, self-propelled howitzers and light attack planes from South Korea in deals worth $8.8 billion.
As European countries hike defense spending to counter the Russian threat and replace weapons they’ve sent to Ukraine, U.S. officials fret that American arms makers won’t be able to meet the demand due to supply chain snags and labor shortages. South Korean weapons makers stand ready to fill the gap with systems designed for joint operations with U.S. forces, making them easy to integrate with NATO.
South Korea’s sales surge has also been greased by a willingness to manufacture locally and transfer technologies to buyers so they can produce the weapons themselves. It will work with Poland to set up production lines there for tanks and howitzers by 2026, with the aim of exporting to other European countries.
South Korea began building up its arms industry in the 1970s out of a fear of abandonment by the U.S. after President Richard Nixon withdrew troops in 1969, followed by the U.S. retreat from Vietnam in 1975. Development of its own weapons systems, with higher local content, has coincided with a push since 2010 to tap foreign markets more aggressively.
South Korean weapons systems are in the running in competitions in 10 countries that could total up to $25 billion in contracts, Jang says. Among them, Hanwha Defense is thought to be the favorite to win a contract to provide infantry fighting vehicles to the Australian army for as much as $11.5 billion. Meanwhile, Norway is set to decide between the K2 Panther and Germany’s Leopard 2 to replace its main battle tanks.Korea Aerospace Industries and Lockheed Martin lost out to Boeingfor a big U.S.
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