Defense Industry Mutual Aid Association This Week Founding General Meeting

On the 18th, participants are touring the exhibition hall at the 'Korea Defense Industry Exhibition' held at KINTEX in Goyang, Gyeonggi Province. Photo by Jinhyung Kang, Goyang aymsdream@

[Asia Economy Yang Nak-gyu, Military Specialist Reporter] The 'Defense Industry Mutual Aid Association,' which will be responsible for guarantee operations of defense companies, will be launched on the 7th. The inaugural chairman is expected to be Ahn Hyun-ho, president of Korea Aerospace Industries.

According to the industry on the 3rd, the Defense Industry Mutual Aid Association will hold a founding meeting and inaugural general meeting on the 7th to elect executives including the chairman. The association will take over and operate the guarantee fund business previously managed by the Korea Defense Industry Promotion Association (Bangjinhwe). President Ahn is expected to be elected as chairman, and among the candidates for full-time vice chairman are Han, a former insurance broker; Kim, a director of the Korea Defense Industry Association (graduate of Korea Military Academy class 35); and Hong, head of the guarantee business division at Bangjinhwe. Additionally, the board of directors, composed of 12 representatives from domestic defense companies, and two auditors will also be decided at the general meeting.

The association is expected to be responsible for guarantee, mutual aid, financing, and investment businesses.