New Defense market report from Business Monitor International: "South Korea Defence & Security Report Q3 2014"
Boston, MA -- (SBWIRE) -- 06/09/2014 -- BMI View: Continued tension with Pyongyang dominates the outlook for South Korean defence and security. The uncertainty caused by the bellicose regime to the north has driven substantial defence spending increases and will continue to keep Seoul on high alert. In addition to this headline volatility, we are increasingly interested in defence exports as growing South Korean expertise creates new opportunities to export globally. The Middle East and Sub-Saharan Africa will be key areas for this growth.
A significant portion of defence expenditure funds are expected to be used to upgrade South Korea's missile defence system. The Korea Air Missiles Defence system (KAMD), or so called 'kill chain project' will see Seoul move from its German-made PAC-2 missile system to the PAC-3 system produced by American contractor Lockheed Martin. This project is expected to cost the Ministry of National Defence (MND) approximately USD26.4bn by 2019.
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In another windfall for Lockheed Martin, the MND is also set to sign a deal for 40 F-35 Lightning fighter jets. According to Korea's Defence Acquisition Program Administration, the deal, worth a reported USD6.8bn, will be signed sometime in Q314, with procurement set to begin in 2018. In a revised arrangement with the United States, in 2014 Seoul will pay USD866mn to maintain an enhanced US military presence in South Korea, set to include an additional 800 troops and 40 tanks. The cost has risen by 5.4% from 2013 and has been agreed for at least five years. This is a key part of President Obama's 'pivot' strategy and bolsters Seoul's security against both North Korea and a more assertive China.
Beijing's announcement in Q413 of an Air Defence Identification Zone (ADIZ) covering disputed areas of the East China Sea has increased tensions in the region. The ADIZ requires foreign aircraft to submit their flight plan to the authorities before entering the designated area. China's ADIZ encompasses the disputed Iedo rock, claimed by...
The South Korea Defence & Security Report features Business Monitor International (BMI)'s independent forecasts for national and international security, the defence industry, military expenditure, employment in arms production, and arms imports and exports, as well as examining industry trends and prospects, national and multinational arms producers and the regulatory environment.
BMI's South Korea Defence & Security Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Korean defence and security industry.
- Benchmark BMI's independent defence and security industry forecasts on South Korea to test other views - a key input for successful budgetary and strategic business planning in the Korean defence and security market.
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