South Korea sets ambitious $23 billion arms export goal for 2025

South Korea's arms industry exports may rebound this year after a slip for a second consecutive year, with its annual target set at over at least US$20 billion, officials said Saturday.

The country's annual arms exports came in at $9.5 billion last year following the $13.5 billion the previous year. In 2022, the country's arms exports hit the highest of $17.3 billion, News.Az reports, citing Yonhap.

Last year, the Defense Acquisition Program Administration (DAPA) initially aimed to sell $20 billion in arms exports for 2024 but failed to meet the target.

The officials at the agency said they hope to export over $23 billion worth of arms this year backed by the Poland deal, as well as a $1 billion deal with Saudi Arabia.

South Korea aims to carve out a 5 percent share of the global arms export market by 2027 to become the world's fourth-largest defense exporter.

News.Az