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August 29, 2022

Poland concludes military equipment procurement deal with South Korea

The contracts include 212 K9 howitzers, 180 K2 MBTs, ammunition and related training and logistics support.

Poland has finalised a deal with South Korean firms Hyundai Rotem and Hanwha Defense to procure military equipment and vehicles for the Polish Army.

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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:
  • Details on the defense budget
  • Drivers of defense spending
  • Key trends impacting the market
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by GlobalData
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The executive contracts were approved by Poland’s National Defence Minister Mariusz Blaszczak in Morag, Poland, on 26 August.

It also includes supply of ammunition as well as associated training and logistics support.

Under this deal, Hyundai Rotem will deliver 180 K2 Black Panther main battle tanks (MBT), while Hanwha will supply 212 Thunder self-propelled howitzers of the K9 family, in the K9A1 version.

Once delivered, the military equipment will be operated by the Polish Army to strengthen its deterrence and defence potential against any Russian invasion.

According to the Polish Ministry of National Defence (MND), this order will involve quick deliveries and a large transfer of technology to Poland, with participation of the Polish arms industry and military experts.

Błaszczak said: “From the point of view of Polish safety, the most important thing is that first copies of tanks and cannon howitzers will go to Polish Army this year.

“Later this year, 10 K2 tanks will go to Morąg, and 24 K9 howitzers will go to the artillery regiment in Węgorzewo.”

The latest contracts build on the previously signed framework agreements between Poland and South Korea for purchasing defence equipment for the Polish Army.

Delivery of K2 MBTs is expected to take place between 2022 and 2025, while K9 howitzers will be delivered between 2022 and 2026.

Błaszczak added: “Soldiers of the Polish Army will go to Korea in October this year to train on K2 tanks.

“So, crews will return from training, and the new tanks will already be at the disposal of the Polish Army.”

Related Companies

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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