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South Korea to become one of the world’s top weapons suppliers

South Korea to become one of the world’s top weapons suppliers

South Korea to become one of the world’s top weapons suppliers

South Korea to become one of the world’s top weapons suppliers

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  • President Yoon Suk Yeol said South Korea intends to rank among the top four global arms exporters.
  • South Korea has already started taking action, signing a $1.7 billion arms deal with Egypt.
  • The country is ranked 10th in the world for arms transfers in 2021.
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President Yoon Suk Yeol told reporters in a speech honoring his first 100 days in office on Wednesday that South Korea intends to rank among the top four global arms exporters.

Yoon said in the presidential office that South Korea’s defence industry would “become a strategic industrialization and a defence powerhouse” by breaking into the top four defence exporters in the world, following the United States, Russia, and France.

According to the reputable Stockholm International Peace Research Institute, South Korea was 10th in the world for arms transfers in 2021. (SIPRI).

Seoul fell considerably behind last year’s No. 4 exporter, Italy, with arms shipments valued at $566 million, according to SIPRI’s unique trend-indicator value monitoring system.

Comparatively, it was estimated that US arms transfers were worth $10.6 billion.

To accomplish its top four goals, South Korea has already started taking action.

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It inked its largest-ever arms contract before the end of last month to give Poland almost 1,000 K2 tanks, more than 600 pieces of artillery, and dozens of fighter jets.

Additionally, it signed a $1.7 billion agreement in February to give Egypt K9 self-propelled howitzers and support vehicles.

South Korea struck another sizable agreement around the end of last year to provide Australia with K9s.

According to the SIPRI rankings, if South Korea reaches Yoon’s objective, it will overtake not only regional power China but also Germany, Spain, Israel, and the United Kingdom.

According to Chun In-Bum, a former South Korean general turned military analyst, “I believe this is a very ambitious goal.”

He stated that “South Korea and its arms industry have to do a lot of work.”

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