South Korea jet firms flying high
Investment in armaments help nation’s defence industry bid for multi-billion dollar contracts around the globe.
Published On 18 May 2012
South Korea’s defence industry has been steadily taking off over the past six years, in part spurred by concerns over reported advances made by its neighbour, North Korea.
The country’s Korea Aerospace Industries is hoping to land a deal to replace the fleet of training aircraft used by the United States – a contract potentially worth $8bn.
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Having already secured contracts with the Indonesian military, the company is now turning its eye to nations that use fighter jets currently made in the US.
The country’s jet-fuelled defence spending – reported as high as $30bn a year, or ten per cent of total government spending – is necessary to address “threats” from North Korea, say officials.
Al Jazeera’s Harry Fawcett reports from Gyeongnam Province, South Korea.
Source: Al Jazeera