1 of 3 | Government officials, lawmakers, researchers and defense industry executives attend a seminar marking the 20th anniversary of South Korea’s Defense Acquisition Program Administration in Seoul on Friday. Photo by Asia Today
June 19 (Asia Today) -- South Korea is seeking to transform its defense industry into a national growth engine by integrating military procurement, weapons exports, advanced technology and industrial policy, government and industry officials said Friday.
Officials at a public-private seminar in Seoul rejected the long-standing argument that growing foreign orders could divert production capacity from the South Korean military and delay domestic weapons deliveries.
Instead, they said an analysis of about 2,000 South Korean defense companies found that exports increased factory utilization, encouraged investment in research and production facilities and eventually reduced manufacturing costs.
The findings were presented at a seminar titled "A New Leap Forward in Acquisition and the Defense Industry," held at the Fairmont Ambassador Seoul in the city's Yeouido financial district.
