Sign Defense Cooperation, Saudi Arabia-South Korea Forms Of Weapons Research And Development Working Groups

JAKARTA - South Korea and Saudi Arabia on Sunday signed a memorandum of understanding to expand defense cooperation, Seoul's Defense Acquisition Program Administration (DAPA) said, as Seoul seeks to sign more arms sales in the Gulf region.

The agreement will see the two form a joint committee to establish a research and development group of weapons and production systems, to continue cooperation in the defense sector, DAPA said in a press release on Monday.

The signing of this cooperation agreement was witnessed directly by South Korean Defense Minister Shin Won-sik together with Saudi Arabian Defense Minister Khalid bin Salman Al Saud.

The foundation of defense cooperation, which is a "future-oriented strategic partnership," Shin said as quoted in a press release by South Korea's Ministry of Defense.

The ministry added that Defense Minister Shin also held talks with Saudi Arabia's National Guard Minister Abdullah bin Bandar Al Saud to discuss strengthening bilateral military cooperation and defense partnerships.

South Korea is known to be trying to increase sales of its defense products, to become one of the largest arms suppliers in the world, amid intense competition with global arms exporters.

"We hope this partnership will strengthen future-oriented strategic partnership relations between the two countries. This will be an opportunity to increase practical cooperation in the defense industry by contributing to strengthening friendly relations and increasing mutual benefits," said DAPA Minister Dapa Dong-hwan in a statement., reported Ajudaily.

Data from the Ministry of Defense stated that the sales value of Ginseng State's weapons jumped to 17 billion US dollars in 2022, compared to 7.25 billion US dollars in the previous year.

The spike was driven by countries that had large-scale export deals, including contracts with Poland to supply K2 combat tanks, K9 self-propelled howitzers and FA-50 light attack aircraft.

On the other hand, Ginseng Country's arms exports to the Middle East grew nearly tenfold between 2013 and 2022, according to the Korean Chamber of Commerce and Industry.

In recent years, South Korean companies Hanwha, Poongsan and LIG Nex1 have finalized a deal with Saudi Arabia, which is collectively worth about $989 million, for some rocket launchers, ammunition and electro-optical systems, with more deals being worked on, according to a London-based November Institute of International Sciences (IISS) report.

"The Gulf Arab states are trying to diversify their sources of defense procurement and partnerships beyond their traditional suppliers in the West," the report said.

"And Seoul can offer increasingly sophisticated equipment alternatives, often at competitive prices and shorter waiting times," the report continued.