South Korean defence companies increase exports
South Korean defence exports increased to $3.4 billion in 2013 bringing it closer to its target of $4 billion of annual exports by 2020.
According to the Defense Acquisition Program Administration (DAPA), defence exports were up $1 billion compared to 2012, and 14 times more than in 2006 when the organisation was established to implement and improve an independent development capability.
‘Arms exports are meaningful as they boost competitiveness of South Korean defence firms by expanding their market internationally, overcoming limited demand in the domestic market,’ DAPA said in a statement.
The national defence budget for 2014 has been set
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