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S. Korea to earmark 176.4 bln won for smaller, venture defense firms this year

All News 10:35 February 16, 2021

SEOUL, Feb. 16 (Yonhap) -- South Korea will invest 176.4 billion won (US$160.5 million) in small and mid-sized defense enterprises and venture firms this year to secure advanced technologies and boost the local industry, the arms procurement agency said Tuesday.

Under the plan, the Defense Acquisition Program Administration (DAPA) will implement a wide range of support measures for smaller businesses according to their growth phases, such as providing consulting services and backing their development of key parts and exports.

Of the amount, 46.52 billion won will be spent for the customization of defense products according to customer countries' needs so as to promote their advance into the global market, and 70 billion won for their development of advanced components for major military assets with indigenous technologies, DAPA added.

"In addition to nine support centers in provincial regions, we will set up several more such offices to better support smaller businesses and create jobs through enhanced cooperation with local governments," a DAPA official said.

This image shows the front page of the website that displays South Korea's diverse defense products (www.defense-korea.com), captured on Nov. 3, 2020. (PHOTO NOT FOR SALE) (Yonhap)


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