Just Published: "South Korea Defence & Security Report 2016"

North Korea's pursuit of nuclear weapons and ballistic missiles represents a persistent, increasingly belligerent and direct threat to South Korea. In the face of this, South Korea will continue to invest considerably in to strengthening its defence posture - namely its counter strike, reconnaissance and intelligence capabilities - providing opportunities for multinational defence companies . Although the domestic sector lacks the ability to satisfy the more advanced requirements of the South Korean armed forces , it s export potential has , and will , continue to increase, driven by government support and close ties with the US . However, we highlight domestic structural issues as a downside risk to our forecasts. Although the country's economic outlook remains sound for the time being, over the long term, these issues will - if not addressed - act as a drag on defence expenditure growth.

Full Report Details at
- http://www.fastmr.com/prod/1188110_south_korea_defence_security.aspx?afid=301

Latest Updates

In May 2016, the South Korean Navy took part in the ASEAN Defence Ministers' Meeting (ADMM)-Plus maritime security and counterterrorism exercise. The multilateral exercise comes against a backdrop of rising maritime tension in the Asia-Pacific region and saw participation by the 10 ASEAN countries and Australia, China, Japan, India, New Zealand, Russia, South Korea, and the US.

On April 11 2016, South Korea's Hanwha Techwin was formally awarded a PHP2.42bn (USD52.5mn) contract to supply eight new amphibious assault vehicles (AAVs) to the Philippine Marine Corps.

On April 8 2016, the Hanwha Group was successful in its bid to acquire 100% of armoured vehicle manufacturer Doosan DST for KRW695bn (USD608mn).

In April 2016, South Korea's Defense Acquisition Program Administration (DAPA) was reportedly in the works of developing an updated defence offset scheme that would promote the development of small and medium-sized enterprises in the defence sector.

In March 2016, South Korean and US armed forces carried out their annual joint exercises 'Foal Eagle' and 'Key Resolve'.

In March 2016, Washington and Seoul began formal talks regarding the deployment of a US Terminal High-Altitude Area Defense (THAAD) anti-ballistic missile system to South Korea.

On February 26 2016, South Korea formally inaugurated a new naval base on the southern outlying island of Jeju, with easy deployment capacity to the East China Sea.

On February 17 2016, the US deployed four Lockheed Martin F-22 Raptor combat aircraft to South Korea in response to a North Korean rocket launch.

On February 2 2016, Israel Aerospace Industries and South Korean firm Hankuk Carbon established a joint venture to co-develop vertical take-off and landing (VTOL) unmanned aerial vehicles.

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