The two countries exploring arms sales; joint committee for research and development formed
\nSEOUL
\nSouth Korea and Saudi Arabia on Sunday signed a memorandum of understanding to expand defence cooperation, Seoul\u2019s Defense Acquisition Program Administration (DAPA) said, as Seoul looks to ink further arms sales in the region.
\nThe 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, DAPA said in a press release on Monday.
\nDefence 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, according to DAPA. A foundation of defence cooperation, which amounts to a \u201cfuture-oriented strategic partnership,\u201d has been established, Shin was quoted as saying in a South Korean defence ministry press release.
\nShin also held talks with Abdullah bin Bandar Al Saud, the minister of Saudi Arabia\u2019s National Guard, to discuss strengthening bilateral military cooperation and defence partnerships, the ministry said.
\nSouth Korea is looking to boost sales to become one of the world\u2019s largest suppliers of weapons, despite stiff competition from other global arms exporters.
\nIts arms sales jumped to $17 billion in 2022 from $7.25 billion the year before, data from the defence ministry showed.
\nThe country\u2019s weapons exports to the Middle East grew nearly tenfold between 2013 and 2022, according to the Korea Chamber of Commerce and Industry.
\nIn 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, according to a November report by the London-based International Institute for Strategic Studies (IISS).
\n\u201cArab Gulf states are looking to diversify their sources of defence procurement and partnerships beyond their traditional Western suppliers,\u201d the report said. \u201cAnd Seoul can offer increasingly advanced equipment alternatives, often at competitive prices and with shorter lead times.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The two countries exploring arms sales; joint committee for research and development formed SEOUL South Korea and Saudi Arabia on Sunday signed a memorandum of understanding to expand defence cooperation, Seoul\u2019s Defense Acquisition Program Administration (DAPA) said, as Seoul looks to ink further arms sales in the region. The agreement will see the two establish […]<\/p>\n","protected":false},"author":2,"featured_media":385559,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-385543","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\n