Korea targets $10 billion defense sales by 2020

The Korean government revealed its blueprint of leaping to the 7th largest defense export country in the world with annual sales worth $4 billion a year by 2020. In a defense and industry related ministries meeting, which was presided by the president Lee Myung-bak on Oct. 19, the Presidential Council for Future and Vision reported national plans to develop industry and create jobs in defense area for the purpose of defense advancement. First of all, the council laid out its goal of joining the worldwide high rank in defense industry exports and defense technology by 2020. It also aims to earn yearly $10 billion output and $4 billion exports sales as well as create 50,000 jobs by that year. Until 2008, yearly defense export sales amounted to $250 million, which shares only 0.5 percent in worldwide defense market. In order to achieve such goal, the council said it perform overall reform on defense research and technology system that Agency for Defense Development (ADD) monopolizes. Except for major, strategic and secret weapons, private firms will be responsible for general weapons development and their efficiency improvement, the council said. Beginning next year, general weapons development and their efficiency improvement are going to be handled by some private firms and eventually all private firms are slated to take care of such project by 2015, according to the council. The council reported that ADD, instead, will focus on developing strategic and secret weapons and basic technology for the future. Also private firms will be able to use weapon test facilities without trouble. In addition, the council aims to organize civil, government and military joint team designed to control weapons development process from the initial stage of demand proposal. The council added that it will verify validity of weapons in advance so that the military could get weapons of high efficiency. "If such process of weapon development is well performed, we will be able to consider creating system of improving efficiency of arms in various positions, such as strategically and technically," said an official under the council. Moreover, the council is planning to increase budget for research and development for future-oriented technology and core parts development.