Seoul: President Lee Jae Myung said Tuesday the government will step up support for the defense industry to foster it as a new engine for economic development and elevate South Korea as a global defense powerhouse. Lee outlined key initiatives to enhance the competitiveness of the arms industry in line with the changing security dynamics during a debate session held to mark the inaugural K-Defense Day.
According to Yonhap News Agency, Lee emphasized the need to develop advanced weapons systems, incorporating artificial intelligence and unmanned robots, to keep pace with rapidly evolving battlefields. He acknowledged the current dominance of a few large conglomerates in the defense sector and promised to build a more inclusive ecosystem that would allow companies of all sizes to participate.
Lee highlighted that defense exports are predominantly conducted through government-to-government deals. He stressed the importance of strengthening security partnerships to support South Korean contractors in the global defense market. "The government will do its utmost efforts to strengthen security partnerships so that the individuals and companies engaged in the defense industry have more opportunities," he stated.