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February 2, 2022

South Korea to supply K9 self-propelled howitzers to Egypt

The $1.65bn deal involves the transfer of technologies, as well as the production of K9s in Egypt.

South Korea has agreed to supply K9 self-propelled howitzers to Egypt, in a deal worth more than $1.65bn, reported local news agency Yonhap.

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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.

Hanwha Defense, which manufactures the K9 howitzers, has signed an agreement with Egypt’s defence ministry to deliver the artillery systems.

The scope of the agreement includes the transfer of technologies, as well as the production of K9s in Egypt, the news agency added, citing South Korea’s Defence Acquisition Program Administration (DAPA).

Other details of the deal, including the number of howitzers to be delivered, were not disclosed.

The deal follows a bilateral summit between South Korean President Moon Jae-in and his Egyptian counterpart Abdel Fattah el-Sisi last month.

The deal will make Egypt the first African nation to procure K9 self-propelled howitzers. The system is already being used by several other countries including India, Turkey, Poland, Norway, Finland, Estonia, and Australia.

DAPA chief Kang Eun-ho was quoted by Yonhap as saying: “It is an achievement made through a combination of technological cooperation, collaboration in terms of localised production, and pan-government support, which goes beyond just the transactional relationship between the two nations.”

The DAPA and Egyptian defence ministry signed a memorandum of understanding (MoU) to collaborate on defence research and developments.

The agreement comes a week after the US Defense Security Cooperation Agency (DSCA) cleared possible foreign military sales of C-130J-30 Super Hercules aircraft and air defence radar systems to Egypt.

The sales will have a combined estimated value of $2.55bn, with Lockheed Martin Aeronautics serving as the prime contractor.

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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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