S. Korea Becomes 3rd Largest US Arms Buyer
By Jung Sung-ki
Staff Reporter
South Korea was the third biggest customer of U.S. defense goods on a government-to-government contract basis last year, according to the U.S. Department of Defense on Thursday.
South Korea purchased $790 million in defense products from the United States in 2008, a sharp rise from $590 million in 2007, it said in the Annual Military Assistance Report.
In 2007, the country was the fifth largest U.S. arms buyer, after Israel, Poland, Egypt and Saudi Arabia.
The dramatic increase is attributable to Seoul's purchase of two sets of Aegis combat systems for $300 million, the report said.
The Aegis combat system, built by Lockheed Martin, is the world's premier surface-to-air and fire-control system, capable of conducting simultaneous operations against aircraft, ballistic and cruise missiles, ships and submarines.
The increase comes after the U.S. Congress passed legislation in September to grant South Korea the most preferential treatment in foreign military sales.
The legislation provides South Korea with the same status as members of the NATO, Japan, Australia and New Zealand in foreign military sales ― that is, Congress is required to review proposed arms sales of more than US$25 million to the nation within 15 days.
Without the legislation, the U.S. government must get permission from Congress for the sale of defense goods amounting to more than $14 million within 30 days.
Israel was the biggest buyer after purchasing $1.35 billion from the United States, and Saudi Arabia the second largest at $808 million in 2008.