South Korea sold more than $1 billion worth of weapons and defense articles abroad this year, possibly becoming one of the world's 15 largest weapons exporters, Yonhap News reported Monday.
This is the first time the country has exported more than $1 billion worth of defense goods since its first overseas sale of some $470,000 in rifle ammunitions to Indonesia, the Philippines and the United States in 1975, according to the Defense Acquisition Program Administration (DAPA).
"Through its continued efforts, the administration was able to increase the amount of the country's defense exports to some $844 million in 2007, up from an annual average of $250 million in previous years, and finally reaching the $1 billion mark this year for the first time in history," the DAPA was quoted as saying in a press release.
It is especially meaningful as it comes amid a worldwide economic downturn, a DAPA official said.
"We became the world's 17th largest defense exporter last year when we exported nearly $850 million worth of defense goods. We won't know how we did this year until later but I believe we have moved up at least a couple of notches," Col. Lee Hyun-soo, director of DAPA's export support division, was quoted as saying.
Seoul earlier said it hoped to increase the amount to $1.2 billion next year and to over $3 billion in 2012, but Lee noted that a more realistic goal would be to become one of the world's 10 largest defense exporters, especially given the worldwide economic downturn.
Other officials noted the goal of reaching the $3-billion mark in just four years was well attainable as the country is poised to start selling its indigenous training jet T/A-50, as well as its next-generation main battle tank K-2.
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