Published February 05,2024
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South Korea and Saudi Arabia on Sunday signed a memorandum of understanding to broaden defence cooperation, Seoul’s Defense Acquisition Program Administration (DAPA) mentioned, as Seoul appears to ink additional arms gross sales within the area.
The settlement will see the 2 set up a joint committee to kind a working group for weapons techniques analysis and growth in addition to manufacturing to proceed cooperation in defence, DAPA mentioned in a press launch on Monday.
Defence minister Shin Won-sik, who was visiting Riyadh for the World Defense Show as a part of a week-long journey to the Middle East, and his Saudi counterpart Khalid bin Salman Al Saud have been current in the course of the signing of the settlement, in response to DAPA.
A basis of defence cooperation, which quantities to a “future-oriented strategic partnership,” has been established, Shin was quoted as saying in a South Korean defence ministry press launch.
Shin additionally held talks with Abdullah bin Bandar Al Saud, the minister of Saudi Arabia’s National Guard, to debate strengthening bilateral army cooperation and defence partnerships, the ministry mentioned.
South Korea is seeking to enhance gross sales to turn out to be one of many world’s largest suppliers of weapons, regardless of stiff competitors from different international arms exporters.
Its arms gross sales jumped to $17 billion in 2022 from $7.25 billion the 12 months earlier than, knowledge from the defence ministry confirmed.
The nation’s weapons exports to the Middle East grew almost tenfold between 2013 and 2022, in response to the Korea Chamber of Commerce and Industry.
In latest years, South Korean firms Hanwha, Poongsan and LIG Nex1 concluded offers with Saudi Arabia, collectively price round $989 million, for a number of rocket launchers, ammunition and electro-optical techniques, and extra offers might be within the works, in response to a November report by the London-based International Institute for Strategic Studies (IISS).
“Arab Gulf states are looking to diversify their sources of defence procurement and partnerships beyond their traditional Western suppliers,” the report mentioned. “And Seoul can offer increasingly advanced equipment alternatives, often at competitive prices and with shorter lead times.”
Source: www.anews.com.tr