Seoul, South Korea, and Riyadh, Saudi Arabia, have solidified their commitment to enhanced defense collaboration by signing a memorandum of understanding. The agreement, inked during the World Defense Show in Riyadh, establishes a joint committee that will oversee a working group dedicated to research, development, and production of weapons systems. South Korea, seeking to bolster its position as a major global arms supplier, is aiming for expanded arms sales in the Middle East.
South Korean Defense Minister Shin Won-sik and his Saudi counterpart Khalid bin Salman Al Saud were present at the signing ceremony. The Defense Acquisition Program Administration (DAPA) in Seoul stated that the joint committee’s focus would be on advancing cooperative efforts in defense. However, specific details of the agreement have not been disclosed.
South Korea’s ambitions in the global arms market have seen considerable success, with arms sales surging from $7.25 billion in 2021 to $17 billion in 2022, according to data from the defense ministry. The country’s arms exports to the Middle East also experienced substantial growth, increasing nearly tenfold between 2013 and 2022, as reported by the Korea Chamber of Commerce and Industry.
Notable South Korean companies, including Hanwha, Poongsan, and LIG Nex1, have previously struck deals with Saudi Arabia, collectively amounting to approximately $989 million. These agreements cover various defense assets such as multiple rocket launchers, ammunition, and electro-optical systems. A report by the International Institute for Strategic Studies (IISS) in November suggested that more deals could be in the pipeline, emphasizing South Korea’s growing reputation for providing technologically advanced equipment at competitive prices and with shorter lead times.
As Arab Gulf states seek to diversify their defense procurement sources beyond traditional Western suppliers, South Korea emerges as a viable and attractive alternative, offering cutting-edge solutions in the ever-evolving landscape of global defense partnerships.
