world
South Korean President Sets Targets for Innovative Defense Firms by 2030
President Lee Jae Myung on Friday called for expanding South Korea's defense industry beyond large corporations during a strategy meeting at Cheong Wa Dae. He pledged government support for companies in AI, drones, cybersecurity and aerospace.
YonhapAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
SEOUL, June 26 (Yonhap) -- President Lee Jae Myung on Friday stressed the need for South Korea to foster innovative companies as part of efforts to expand beyond its traditional defense industry. Lee made the remark during a strategy meeting on fostering innovative firms at Cheong Wa Dae, saying technological superiority is key to national security.
"The modern security environment has shifted into an era in which technology determines victory or defeat," Lee said, stressing that the "battlefield is expanding infinitely beyond land, sea and air" into the domains of artificial intelligence (AI).
Lee added that the survival of a country depends on how many innovative companies with advanced technologies it has. "South Korea has leapt from a country that could not even make a single rifle and depended on foreign aid into one of the world's top four defense powerhouses, but our defense industry remains heavily concentrated on large corporations and hardware, while the procurement system is slow and rigid," he said.
Lee vowed to support companies with advanced technologies in AI, drones, cybersecurity and aerospace.
The government will work to foster five companies in the "new security sector" with a corporate value of 1 trillion won (US$648 million) each by 2030, along with 50 firms with annual sales of more than 100 billion won, Lee said.
