Boeing and the Defense Acquisition Program Administration (DAPA) of the Republic of Korea (ROK) have signed a memorandum of understanding (MoU) to jointly research, develop, and market advanced weapon systems of mutual interest.
Working with DAPA will enable Boeing to expand its presence in Korea and directly support ROK President Yoon Suk Yoel’s national defence strategy in developing and securing national advanced military capabilities.
The two parties will establish working committees to meet regularly and identify weapons systems of mutual interest. Boeing is a component of Korea’s growing aerospace sector, spending more than $4bn with suppliers in the past 15 years.
In 2022, Boeing spent over $250bn with more than 50 Korean companies that provide products and services for Boeing.
South Korea was recently permitted to purchase 18 Boeing CH-47F Chinooks from the US for their army at a cost of $1.5bn.
In the South Korea Defense Market 2022-2027 report by GlobalData, the leading data analytics company claim an example of foreign companies using the transfer of technology to enter the South Korean defence market has emerged in fighter aircraft, as a South Korean military project to develop indigenous fighter aircraft has attracted the attention of Boeing and Eurofighter.
Boeing and Eurofighter have already shown interest in exploiting this opportunity, with Boeing offering to transfer the technology behind its F/A-18 Super Hornet aircraft.
It will enable Boeing to expand its presence in Korea and provide the country with advanced military capabilities to meet its national defence strategy.
Boeing Defense, Space and Security president and CEO Ted Colbert said: “For over 70 years, Boeing has been committed to its partnership with Korea.
“This agreement aligns with Boeing and DAPA’s common interest of establishing a strategic partnership to support the US-ROK alliance.”
DAPA Minister Eom Donghwan said: “This joint effort will have a positive impact on the Korean defence industry, especially small and medium-sized companies, by creating large-scale value from the initial state as part of Boeing’s global value chain.”
The agreement also supports DAPA’s commitment to developing and securing advanced Korean military capabilities, further strengthening the country’s position in the region.