Industry Vice Minister Visits Hanwha Aerospace... "Task Force Activated to Resolve Defense Export Difficulties"

On the 30th, the Ministry of Trade, Industry and Energy announced that it will officially launch the 'Defense Export Difficulty Resolution Task Force,' composed of the Ministry, the Defense Material Trade Support Center, the Korea Trade Insurance Corporation, and the Korea Institute for Industrial Technology Evaluation and Planning, as a follow-up measure to the Defense Industry Ecosystem Competitiveness Enhancement Plan announced on the 17th.

In this regard, Kang Kyung-sung, the 1st Vice Minister of the Ministry of Trade, Industry and Energy, visited the Daejeon plant of Hanwha Aerospace, the largest domestic defense company, together with the Defense Export Difficulty Resolution Task Force, and held a meeting with Son Jae-il, CEO of Hanwha Aerospace, and other executives and on-site personnel.

Hanwha Aerospace explained the current status of defense exports, including the Cheonmu contract with Poland (April 25, $1.644 billion), and requested government support such as expanded policy financial support for fulfilling export contracts, designation of advanced aviation engine materials and parts as national advanced strategic technologies, and research and development (R&D) of export weapons systems.

Vice Minister Kang Kyung-sung stated, "The defense industry is a peace industry that protects national security and a national strategic industry with high economic ripple effects in both upstream and downstream industries." He announced plans to invest 400 billion KRW this year to secure core technologies for advanced defense materials, parts, and equipment (SoBuJang) and to expand policy finance such as trade insurance worth 10 trillion KRW. The Ministry also plans to prepare a customized defense export strategy by June.