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March 8, 2021

South Korea and US begin scaled-back joint military exercise

South Korea and the US have commenced a scaled-back joint military exercise amid the Covid-19 pandemic situation.

South Korea and the US have commenced a scaled-back joint military exercise amid the Covid-19 pandemic situation.

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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
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.

The ‘computer-simulated command post exercise’ will take place over nine days in South Korea, reported media sources citing Joint Chiefs of Staff (JCS).

JCS stated that South Korea and the US decided to move further with the drills after ‘comprehensively taking into consideration the Covid-19 situation, the maintenance of the combat readiness posture, the denuclearisation of the Korean Peninsula and the establishment of peace’.

Yonhap News Agency reported that the exercises will not include ‘outdoor manoeuvres’.

Furthermore, the number of participating troops and equipment has also been reduced because of the pandemic. All Covid-19 prevention measures, including wearing face masks and hand sanitising, will be followed during the training.

The military drills also provide a chance to assess South Korea’s readiness to take over wartime operational control (OPCON) within the term of the current administration, which ends in May next year.

A defence ministry official was quoted by Yonhap as saying: “The two sides have had close consultations on the matter and agreed to carry out the rehearsal this time, albeit limitedly, to make progress in the transition process.”

The exercises were initially expected to be held last year, but the two parties were not able to do so.

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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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