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Korea sets goal of $20 billion in arms exports

Published: 18 Apr. 2024, 18:33

JIN EUN-SOO
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This undated file photo provided by the Ministry of Trade, Industry and Energy shows Industry Minister Ahn Duk-geun on the right. [YONHAP]

Korea aims to achieve $20 billion in arms exports this year, including overseas sales of the FA-50 light attack aircraft to emerging markets, officials said Thursday.

The amount marks a sharp rise from the $14 billion posted in 2023, according to the Ministry of Trade, Industry and Energy.

"We hope that the defense sector emerges as a new prominent area of exports that backs the economy," Industry Minister Ahn Duk-geun said during his visit to the headquarters of Korea Aerospace Industries in Sacheon, South Gyeongsang.

"The government will also proactively work with related institutions to bolster the competitiveness of the defense industry, including injecting at least 10 trillion won ($7.23 billion) in trade finance," he added.

The ministry, meanwhile, said the government plans to offer 29 billion won to diversify models of the FA-50 to expand its global presence and promote sales of other aircraft, including the KUH-1 Surion helicopter and the KF-21 fighter jet.

Yonhap