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June 6, 2022

US and South Korea launch missiles following North Korean weapon tests

The missile tests were intended to demonstrate the ability of the combined US-ROK forces to respond to crisis events.

The US and South Korea have launched eight surface-to-surface missiles in a combined live-fire exercise, a day after North Korea conducted ballistic missile tests.

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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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According to a US Indo-Pacific Command (USINDOPACOM) statement, the US Forces Korea, and Republic of Korea (ROK) militaries fired the missiles from the northeast of South Korea into the Sea of Japan to demonstrate the ability of the combined forces to swiftly respond to a crisis.

The tests included one US Army missile and seven ROK missiles.

“The ROK-US Alliance remains committed to peace and prosperity on the Korean Peninsula and throughout the Indo-Pacific. The US commitment to the defence of the ROK remains ironclad,” the statement added.

North Korea previously test fired eight short-range ballistic missiles. The missiles travelled between 110km and 600km at altitudes between 25km and 90km, Reuters reported, quoting South Korea’s Joint Chiefs of Staff.

Following the tests, the USINDOPACOM said that the launches do not pose an immediate threat to US personnel, territory, or to its allies.

It also noted that such tests highlight the ‘destabilising impact’ of North Korea’s weapons programme.

North Korea has increased missile testing this year.

Last month, the reclusive nation fired two missiles and a suspected intercontinental ballistic missile (ICBM). The ICBM was reportedly the Hwasong-17 and it flew approximately 360km to a maximum altitude of 540km.

The country has also tested tactical guided missiles and a hypersonic missile this year.

The US and South Korea recently concluded joint military drills. The exercises involved American aircraft carrier USS Ronald Reagan and other warships.

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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 GD50 ADS
Enter your details here to receive your free Report.

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