South Korea will provide more than 7 trillion won ($5 billion) insurance this year for domestic defense companies' exports to help them deliver the orders without the fear of non-payment, the Ministry of Trade, Industry and Energy (MOTIE) said on Wednesday.“To ensure (Korean) companies fulfill the defense orders received from Poland and other countries without delay, (the government) will strengthen financial support to defense companies, including expanding the trade insurance coverage to more than 7 trillion won this year,” the ministry said in a statement.
South Korea has emerged as a leading exporter of defense systems over the past few years, clinching a string of several billion-dollar export deals for fighter jets, armored vehicles and missile interceptors from Poland, Australia, Egypt and the Middle East.LIG Nex1 Co.signed a $3.2 billion contract with the Saudi Ministry of Defense in November of last year to deliver its missile interceptor system.Hanwha Aerospace Co.won a $2.4 billion armored vehicle supply deal to Australia in December.
To that end, the country will provide the industry with government-wide support in collaboration with the academia and private sector, as well as state-run agencies, including the Ministry of National Defense, the Ministry of SMEs and Startups, the Export-Import Bank of Korea and the Korea Defense Industry Association.
The story " The South Korean government is set to provide $5 billion in insurance coverage for its defense exports." has 335 words across 15 sentences, which will take approximately 2 - 3 minutes for the average person to read.
Which news outlet covered this story?
The story " The South Korean government is set to provide $5 billion in insurance coverage for its defense exports." was covered 1 weeks ago by Korea Economic Daily, a news publisher based in South Korea.
How trustworthy is 'Korea Economic Daily' news outlet?
Korea Economic Daily is a fully independent (privately-owned) news outlet established in 1964 that covers mostly economy news.
The outlet is headquartered in South Korea and publishes an average of 18 news stories per day.
It's most recent story was published 1 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Positive, indicating that people regard this as "good news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
