Korea eyes Latin America as next frontier for booming arms exports

Ministry of Foreign Affairs building in Seoul / Korea Times file

Korea’s defense industry is turning its attention toward Latin America, where rising security concerns and military modernization campaigns are opening new opportunities for exporters eager to expand beyond Europe and the Middle East.

The Ministry of Foreign Affairs said Wednesday that it held a government-business meeting focused on expanding Korea’s presence in the Latin American defense market and strengthening cooperation between public agencies and private companies.

The meeting was chaired by Choi Jun-ho, director general for Latin American and Caribbean affairs, and included officials from the Defense Acquisition Program Administration and the Korea Research Institute for Defense Technology Planning and Advancement.

Executives from major defense-related companies including HD Hyundai Heavy Industries, Korean Air, Korea Aerospace Industries, Hyundai Rotem and LIG Defense & Aerospace also attended.

Participants discussed changing security conditions across Latin America, where governments are increasingly seeking to strengthen border control, public security and military readiness.

Officials and company representatives said countries in the region were expanding demand for defense modernization across land, naval and air capabilities.

Attendees also said Korean defense products were receiving favorable evaluations in overseas markets because of competitive pricing, advanced performance and reliable delivery schedules.

The meeting comes as Korea’s defense exports continue to gain international visibility, driven by growing demand for cost-effective military systems and faster production timelines.

Government officials discussed ways to strengthen institutional support for Korean firms seeking to enter Latin American procurement markets.

The foreign ministry said it would continue helping companies build networks with senior government and military officials in Latin America while sharing information on regional defense procurement trends.

Officials also exchanged views on how diplomatic channels could support private sector efforts to secure long-term contracts and partnerships in the region.

The ministry said feedback gathered during Wednesday’s meeting would be reflected in future government support measures aimed at helping Korean defense companies expand their presence in Latin America.

This article was published with the assistance of generative AI and edited by The Korea Times.