S.Korean gov’t, ruling party agree to invest over 3 trillion won in key strategic defense technologies

The government and the ruling People Power Party have agreed to inject more than three trillion won, or some two billion US dollars, into ten key strategic defense technologies to boost support for defense industry exports, Report informs via KBS World.

The ruling camp’s chief policymaker, Kim Sang-hoon, said the agreement was reached Monday during a meeting on support for defense exports.

The government and the ruling party plan to devise various support measures to enhance export competitiveness as they project that defense exports, which were somewhat sluggish last year, could soar depending on international conditions.

They first plan to invest more than three trillion won through 2027 in the nation’s top ten strategic defense technologies, including artificial intelligence, space, high-tech materials and manned-unmanned teaming.

They also plan to provide up to five billion won per year for two years to outstanding small firms that make parts and materials for the defense industry to help them make inroads into global supply chains.