South Korea’s arms business accounted for two.2 % of worldwide prime 100 producers’ gross sales in 2016 (File)
Stockholm: Confronted with fixed missile and nuclear threats from its belligerent northern neighbour, South Korea is boosting its arms gross sales and goals to change into a significant exporter, a examine stated on Monday.
South Korea’s arms business accounted for two.2 % of worldwide prime 100 producers’ gross sales in 2016, the Stockholm Worldwide Peace Analysis Institute (SIPRI) stated in a report itemizing the world’s “prime 100” navy providers.
South Korean arms-producing corporations’ mixed gross sales totalled $eight.four billion (7.1 billion euros) the identical 12 months with a 20.6 % rise in gross sales in comparison with 2015, SIPRI added.
“The rising nuclear weapons functionality in North Korea has led to main investments in South Korea,” SIPRI Senior Researcher Pieter Wezeman instructed AFP.
In defiance of repeated worldwide condemnations and sanctions, Pyongyang fired an intercontinental ballistic missile (ICBM) final week, which reached an altitude of four,475 kilometres (2,780 miles) earlier than splashing into the ocean 950 kilometres (590 miles) east of its launch web site, North Korean state media stated.
The North, which says it wants nuclear weapons to guard itself from “hostile” US forces, has vowed to speed up its weapons programmes in response to “evil” sanctions imposed by the UN Safety Council.
As soon as a primarily agricultural backwater devastated by warfare, South Korea has been one of many world’s largest importers of navy gear and expertise for many years — principally from the US — however lately its home sector has grown quickly.
Within the face of North Korean threats, the proportion of presidency spending that Seoul devotes to defence is among the many world’s highest exterior Center East and African battle zones, in line with SIPRI’s 2016 figures.
South Korea is popping “to its personal arms business to provide its demand for weapons” and “aiming to understand its objective of turning into a significant arms exporter”, SIPRI Senior Researcher Siemon Wezeman stated in a press release.
Having gone by means of an enormous industrial improvement, South Korea is “more and more utilizing weapons and expertise that may compete with what has been equipped by Europe and the US,” in line with Pieter Wezeman.
The nation is a prime arms producer amongst rising international locations within the sector, together with Brazil, India and Turkey.
‘Persistent Regional Tensions’
South Korean arms exports, which amounted to $253 million (215 million euros) in 2006, reached $2.5 billion (2.12 billion euros) ten years later, in line with official information.
Its missiles, howitzers, submarines and warplanes are notably widespread in Southeast Asia, Jap Europe and South America.
Seven South Korean arms teams rank amongst SIPRI’s prime 100 world arms producers. The primary of those, the conglomerate Korea Aerospace Industries (KAI), which developed a supersonic coaching hunter T-50 Golden Eagle with the American Lockheed Martin, is in 48th place.
The highest 100 producers’ mixed gross sales totalled $374.eight billion (320 billion euros) final 12 months, up 1.9 % from 2015. That is the primary annual enhance after a five-year consecutive decline.
American producers alone accounted for 57.9 % of the full gross sales determine forward of the British (9.6 %), the Russian (7.1 %) and the French (5.zero %).
US corporations’ arms gross sales grew by 4 % in 2016 at a mixed complete of $217.2 billion (185 billion euros) and Germany noticed a 6.6 % rise in arms gross sales for a similar 12 months as a result of calls for in Europe, the Center East, and South East Asia.
SIPRI stated progress in arms gross sales was triggered by “ongoing navy operations in a number of international locations and chronic regional tensions which might be resulting in an elevated demand for weapons.”
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