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April 12, 2021

India and China hold 11th round of Line of Actual Control talks

India and China have held the 11th round of the India-China Corps Commander Level Meeting at the Chushul-Moldo border meeting point.

India and China have held the 11th round of the India-China Corps Commander Level Meeting at the Chushul-Moldo border meeting point.

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What is driving and impacting South Korea’s Defense Market?

South Korea’s defense budget is currently valued at $48.3 billion after experiencing impressive and robust annual growth of 10.5% in 2022. Over the forecast period, South Korean defense expenditure is anticipated to register a strong CAGR of 6.3% over 2023-27 and reach $66.2 billion by 2027. The country’s acquisition budget, which includes research and development (R&D) funding, is also anticipated to register significant growth, projected to reach $21.6 billion in 2027, seeing significant rise from the anticipated $17 billion in 2023. South Korean defense spending is continuing to be fueled by the country’s hostile relationship with North Korea, coupled with the need to develop its own domestic industry. If you want to strategize successfully off this growing market, it is important to be fully informed. This report’s key findings include:
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During the meeting, the two sides exchanged their views to resolve the outstanding disengagement issues along the Line of Actual Control (LAC) in Eastern Ladakh.

They also agreed on the requirement to settle the issues in an ‘expeditious manner’ in line with the existing agreements.

The latest talks are part of the efforts of both the Indian and Chinese armies to ease tensions along the LAC in eastern Ladakh and find a solution to end the standoff.

The Indian Ministry of Defence (MoD) said in a press statement: “In this context, it was highlighted also that completion of disengagement in other areas would pave the way for two sides to consider de-escalation of forces and ensure full restoration of peace and tranquillity and enable progress in bilateral relations.

“The two sides agreed that it was important to take guidance from the consensus of their leaders, continue their communication and dialogue and work towards a mutually acceptable resolution of the remaining issues at the earliest.”

Furthermore, Indo-China agreed to ‘jointly maintain stability on the ground’ and peace in the border areas.

In January, the two countries held the ninth round of the meeting.

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Free Report
img

What is driving and impacting South Korea’s Defense Market?

South Korea’s defense budget is currently valued at $48.3 billion after experiencing impressive and robust annual growth of 10.5% in 2022. Over the forecast period, South Korean defense expenditure is anticipated to register a strong CAGR of 6.3% over 2023-27 and reach $66.2 billion by 2027. The country’s acquisition budget, which includes research and development (R&D) funding, is also anticipated to register significant growth, projected to reach $21.6 billion in 2027, seeing significant rise from the anticipated $17 billion in 2023. South Korean defense spending is continuing to be fueled by the country’s hostile relationship with North Korea, coupled with the need to develop its own domestic industry. If you want to strategize successfully off this growing market, it is important to be fully informed. This report’s key findings include:
  • Details on the defense budget
  • Drivers of defense spending
  • Key trends impacting the market
Download the full report so you can formulate winning strategies for the road ahead.
by GlobalData
Enter your details here to receive your free Report.

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