Ministry of Trade, Industry and Energy and KOTRA Hold K-Defense G2G Export Business Meeting

Hyundai Rotem, LIG Nex1, Hanwha Aero, and 4 Others Participate

The Ministry of Trade, Industry and Energy and KOTRA announced on the 14th that they held the 'K-Defense Government-to-Government (G2G) Export Meeting' on the 13th at KOTRA headquarters in Yeomgok-dong, Seocho-gu, Seoul. This meeting, organized together with the Defense Acquisition Program Administration, was planned to support the expansion of exports through G2G contracts by Korean defense companies.

'K-Defense Government-to-Government (G2G) Export Meeting' held on the 13th at KOTRA headquarters in Yeomgok-dong, Seocho-gu, Seoul, hosted by the Ministry of Trade, Industry and Energy and KOTRA.
[Photo by KOTRA]

Seven mid-sized and large companies including Hyundai Rotem, LIG Nex1, Hanwha Aerospace, Hanwha Systems, Kia, Firstec, and Onpoom participated. During the meeting, promising G2G export countries and project information, characteristics and precautions of G2G contracts, and measures to improve and revitalize the G2G system were discussed.

G2G exports proceed with the government as the direct contracting party. They are utilized in large-scale export projects emphasizing public interest, such as defense and infrastructure construction. KOTRA has been designated as the dedicated agency. With secured transaction transparency and safety, and reduced time and costs during contract execution, demand for G2G transactions has steadily increased.

A representative from an attending company said, "The G2G method is especially effective for pioneering new markets," adding, "It is time for advanced defense companies and government-related agencies to form a one team and join forces to expand exports."

Lee Jae-sik, head of KOTRA's Defense Materials Trade Support Center, stated, "Requests for K-Defense G2G transactions are increasing worldwide, including Europe, Latin America, and Asia," and added, "Through expanding financial support, strengthening implementation management, and linking with Official Development Assistance (ODA), we will accelerate the timing of entering the top four global defense export powers."