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Saudi Arabia is increasing its military strength because it is worried that the Red Sea crisis will spread. Photo/Reuters
RIYADH – South Korea and Saudi Arabia signed a memorandum of understanding to expand defense cooperation. It comes as Seoul seeks to resume arms sales in the Middle East region.
The agreement will see the two form a joint committee to form a working group for research and development of weapons systems and production to continue cooperation in the defense sector. This was stated by the South Korean Defense Acquisition Program Administration (DAPA).
South Korean Defense Minister Shin Won-sik, who visited Riyadh for the World Defense Expo as part of a week-long trip to the Middle East, and Saudi Defense Minister Khalid bin Salman Al Saud were present at the signing of the agreement.
A DAPA spokesperson did not provide further details when asked about the agreement at a media conference on Monday (5/2/2024).
South Korea is seeking to increase sales to become one of the world's largest arms suppliers, despite stiff competition from other global arms exporters.
Its arms sales jumped to USD 17 billion in 2022 from USD 7.25 billion the previous year.
The Korean Chamber of Commerce and Industry reported that the country's arms exports to the Middle East grew almost tenfold between 2013 and 2022.
In recent years, South Korean companies Hanwha, Poongsan and LIG Nex1 completed deals with Saudi Arabia, collectively worth about $989 million, for multiple rocket launchers, munitions and electro-optical systems, and more deals are in the works, according to November report.
“Gulf Arab states are seeking to diversify their sources of defense procurement and partnerships beyond their traditional suppliers in the West,” according to an analysis by the London-based International Institute for Strategic Studies (IISS), reported by Reuters.
“And Seoul can offer increasingly advanced equipment alternatives, often at competitive prices and shorter lead times.”
(ahm)