SEOUL, Jan. 7 (Yonhap) -- South Korea plans to invest 88 billion won (US$81 million) in developing indigenous weapons parts this year, the arms procurement agency said Thursday.
The government will set up a mid- and long-term plan to localize parts used in weapons development and seek cooperation with local universities and research centers, according to the Defense Acquisition Program Administration.
"At this time of hardship due to the new coronavirus, I hope the defense industry ... to boost the regional economy and create new jobs through the localization business," agency chief Kang Eun-ho said.
Defense Minister Suh Wook earlier said over 80 percent of South Korea's 100 trillion won budget set aside for bolstering defense capabilities in the next five years will be spent on buying locally made weapons and hardware.
Legislation on compensating virus-hit small biz picks up steam
Anger mounts over deepfake porn targeting Korean female celebs; more than 330,000 sign petition
Biden's pick for Asia policy likely to seek stronger regional alliances to check China
Iran's oil tanker seizure appears aimed at pressuring S. Korea to unlock frozen assets: experts
S. Koreans feel pinch of rising housing costs amid economic downturn