Yoon vows to help make high-tech defense industry a 'future growth engine'

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Yoon vows to help make high-tech defense industry a 'future growth engine'

Published: 07 Dec. 2023, 16:28

SARAH KIM
[email protected]

President Yoon Suk Yeol, left, views an aircraft engine after the second defense industry exports strategy meeting held at Hanwha Aerospace in Pangyo, Gyeonggi, on Thursday. [JOINT PRESS CORPS]

President Yoon Suk Yeol pledged to help the high-tech strategic defense industry become Korea's "new future growth engine" in a visit to Hanwha Aerospace in Gyeonggi on Thursday.

"The defense industry is a national strategic industry that supports both our security and economy," Yoon said at the second annual defense industry exports strategy meeting. "For our defense industry to take a further leap forward, it is extremely important to secure a stable supply chain for semiconductors and other materials, parts and equipment."

The meeting was held at Korean defense company Hanwha Aerospace's research and development center in Pangyo, a high-tech mecca in Seongnam. It was attended by over 100 government and military officials and representatives of more than 40 defense companies.

This is in keeping with Korea's target to become the world's fourth-largest defense powerhouse by 2027.

"New opportunities for defense exports will be provided through cooperation in the semiconductor sector through next week's trip to the Netherlands," Yoon said. "Semiconductor cooperation with the Netherlands, which has the world's leading lithography technology, such as extreme ultraviolet (EUV), will greatly contribute to strengthening our defense industry capabilities and create new opportunities for defense industry exports."

During the state visit starting next Monday, Yoon is scheduled to visit ASML, a Dutch multinational corporation that manufactures EUV lithography equipment and is a leading supplier to semiconductor producers across the globe.

President Yoon Suk Yeol presides over the second annual defense industry exports strategy meeting at Hanwha Aerospace in Pangyo, Gyeonggi on Thursday. [PRESIDENTIAL OFFICE]

The government announced its sustainable defense export promotion strategy, focused on fostering five advanced strategic industries: space, AI, manned and unmanned systems, semiconductors and robots, the presidential office said.

Yoon underscored the government's intention to actively help the defense industry become a new growth engine in the future.

He highlighted that in an era of technological hegemony, "expanding defense exports also plays a role in expanding international cooperation in all fields," and is connected with other industries such as nuclear power plants and construction.

Korea reached a record $17.3 billion in arms exports last year, according to the Defense Ministry, more than double the $7.25 billion in 2021.

The meeting was attended by officials including Defense Minister Shin Won-sik, Trade Minister Bang Moon-kyu and Eom Dong-hwan, head of the Defense Acquisition Program Administration, as well as military brass from the Army, Navy, and Air Force.

The first defense exports strategy meeting was held at Korea Aerospace Industries in Sacheon, South Gyeongsang, in November last year.

In October, 57 countries' delegations took part in the Seoul Aerospace & Defense Exhibition (ADEX), which showcased Korea's advanced arms, including its K9 self-propelled howitzers, K2 tanks and FA-50 light attack aircraft.

President Yoon Suk Yeol, center, takes a selfie with young professionals working in the defense industry during a visit to LIG Nex1 in Seongnam, Gyeonggi, on Thursday. [PRESIDENTIAL OFFICE]

Yoon also met with young defense industry professionals in their 20s and 30s at LIG Nex1 in Yongin, Gyeonggi, a Korean aerospace and defense manufacturer.

He told them that the defense industry "plays a very important role in our economic growth and job creation."

Yoon noted that young defense industry professionals play a vital role in contributing to national security and the economy and that the government will spare no effort to ensure their fair treatment and compensation so they feel properly rewarded.

BY SARAH KIM [[email protected]]