Seoul sells over $1 billion worth of weapons in 2008

By Byun Duk-kun
SEOUL, Dec. 29 (Yonhap) -- South Korea this year sold over $1 billion worth of
weapons and defense articles overseas, possibly becoming one of the world's 15
largest weapons exporters, Seoul's defense procurement agency said Monday.
This is the first time the country exported more than $1 billion worth of defense
goods since the sale of some $470,000 in rifle ammunitions to Indonesia, the
Philippines and the United States in 1975 in what marked its first-ever export of
defense articles, according to the Defense Acquisition Program Administration
(DAPA).
"Through its continued efforts, the administration was able to increase the
amount of the country's defense exports to some $844 million in 2007, up from an
annual average of $250 million in previous years, and finally reaching the $1
billion mark this year for the first time in history," the DAPA said in a press
release.
It is especially meaningful as it comes amid a worldwide economic downturn, a
DAPA official said.
"We became the world's 17th largest defense exporter last year when we exported
nearly $850 million worth of defense goods. We won't know how we did this year
until later but I believe we have moved up at least a couple of notches," said
Col. Lee Hyun-soo, director of DAPA's export support division.
Seoul earlier said it hoped to increase the amount to $1.2 billion next year and
to over $3 billion in 2012, but Lee noted a more realistic goal was to become one
of the world's 10 largest defense exporters, especially given the worldwide
economic downturn.
"We should instead think in terms of how much of the market share we take, rather
than amounts, which would show how others are doing," he said.
Other officials noted the goal of reaching the $3-billion mark in just four years
was well attainable as the country is poised to start selling its indigenous
training jet T/A-50, as well as its next generation main battle tank K-2.
bdk@yna.co.kr
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