SOUTH KOREAN defence industry is expanding globally with successful weapons sales in recent months.
Among its customers are the United Arab Emirates which recently bought South Korean-made mid-range surface to air missiles (M-SAM) and Slovakia's planned purchase of trainer jets.
Korea Aerospace Industries (KAI) and Slovakia's state-run defense firm Letecke opravovne Trencin (LOTN) signed an agreement in early November.
According to a Korea Times report, UAE's defense ministry has announced its intention to acquire the Korean air defense system named Cheongung-II and that the value of the deal may reach about US$3.5 billion ($4 trillion won).
If it materialises, the deal will be the single most lucrative weapons export in the history of the nation's defense industry, four times larger than the current 1 trillion won export record of submarines to Indonesia.
The missile system had passed tests for field operations in 2017.
In the case of Slovakia, the country has been pushing for a US$500 million defense project to replace its aging fleet of L-39 trainer aircraft, and decided to import KAI's FA-50 fighters.
LOTN and KAI signed an agreement to ensure smooth bilateral cooperation in the introduction of FA-50 aircraft to Slovakia, on Nov 3.
It will be the first export of Korean-made aircraft to a member state of the European Union (EU) and North Atlantic Treaty Organization (NATO).
South Korea largely depends on trade and export, with the global defense market offering many important opportunities.
The Times report said this situation was more urgent as the country's defense budget for improving its weapons systems has been cut by more than 606 billion won for next year ― from 17.33 trillion won in 2021 to 16.69 trillion won in 2022.
It is the first time in 15 years that the budget has been reduced.
Following this, the African and Middle East markets, as well as the South American market, have emerged as potential prospective markets.
In particular, defense officials are eyeing Egypt, as the Egyptian Armed Forces is currently modernising its military forces and diversifying its supplier nations.
According to the Stockholm International Peace Research Institute (SIPRI), Egypt is the world's third largest arms importer, after Saudi Arabia and India, as of the period of 2015 to 2019.
A total of 14 South Korean companies participated in the Egypt Defence Expo (EDEX) 2021 that ran from Nov 29 to Dec 3, offering various weapons such as self-propelled howitzer and support vehicles, and battle tanks.
KAI also participated in the Expodefensa 2021, one of the main security and defense fairs in Latin America, held in Bogota, Colombia, from Nov 29 to Dec 1.
It promoted its FA-50 fighters in the Central and South American markets. As Colombia is carrying out a US$1-billion project to replace 24 units of its A-37 light attack aircraft, KAI proposed the FA-50, with air-to-air and air-to-ground armaments and extended flying range.
The Central and South American markets are key sales area for South Korea, as about 60 units of light attack aircraft worth US$3 billion are expected to be introduced in countries there, including Colombia, Peru, Mexico and Uruguay.
KAI entered the South American market by exporting 20 KT-1P basic training aircraft to Peru in 2011.
KAI also participated in Peru's defence show 2021 held in Lima from Oct 28 to 31 to promote its FA-50.