South Korean President Yoon Suk Yeol recently revealed his plans to strengthen semiconductor cooperation and bolster South Korea's defense industry and exports during his forthcoming state visit to the Netherlands. The announcement was made during a strategic meeting on defense industry exports, responding to the escalating demand for weapons from various regions like Europe, Southeast Asia, and the Middle East.
Record-Breaking Arms Exports
In a significant stride, South Korea witnessed a record-breaking $17.3 billion in arms exports last year, marking a substantial leap from $7.25 billion in 2021. The meeting held at Hanwha Aerospace's office in Seongnam emphasized the crucial role of securing a stable supply chain for semiconductors, materials, parts, and equipment for the future growth of the defense industry.
During his visit to the Netherlands, President Yoon will engage in discourses to bolster the semiconductor alliance between the two nations. This includes a visit to ASML's headquarters, a leading chipmaking equipment manufacturer. Yoon accentuated the potential influence of cooperation with the Netherlands, particularly in lithography technology, on South Korea's defense capabilities and export opportunities.
Ambitious Initiatives for Advanced Industry Sectors
The South Korean government has also declared plans to develop five advanced industry sectors: space, artificial intelligence, manned and unmanned systems, semiconductors, and robots. In addition to this, President Yoon met with young defense industry professionals at LIG Nex1, assuring fair compensation for their contributions.