South Korea, Poland sign $5.8 billion tank, howitzer contract

A K2 Black Panther tank manufactured by South Korea’s Hyundai Rotem is displayed on the Seoul Worldwide Aerospace & Protection Exhibition, Seoul, South Korea, October 20, 2021. REUTERS/Josh Smith/File Photograph

SEOUL, Aug 27 (Reuters) – Two South Korean corporations have signed a $5.76 billion contract with Poland to export tanks and howitzers, Seoul’s arms procurement company stated on Saturday, after Warsaw agreed to ramp up arms imports amid tensions with Russia.

The contract, signed in Poland on Friday, is a part of South Korea’s greatest ever arms deal, clinched final month with Poland, which has been looking for to beef up its navy within the face of Russia’s invasion of neighbouring Ukraine.

Hyundai Rotem Co. (064350.KS) will ship K2 Black Panther tanks, and Hanwha Protection, the defence unit of Hanwha Corp (000880.KS), will ship K9 self-propelled howitzers to Poland, stated the Protection Acquisition Program Administration (DAPA).

The events haven’t introduced the worth of the complete deal, which South Korean media estimated at as much as 20 trillion received ($15 billion). learn extra

“As defence exports are extraordinarily vital when it comes to sharing weapon techniques, mutual logistics assist and strengthening safety alliances, this export deal is anticipated to contribute to our efforts to construct solidarity with European international locations and broaden the boundaries of our safety capabilities,” DAPA stated in a press release.

South Korean President Yoon Suk-yeol, who took workplace in Might, has vowed to beef up safety cooperation with European international locations sharing the values of democracy and market economies, whereas boosting the nation’s defence business amid North Korea’s evolving nuclear and navy threats. learn extra

Yoon grew to become the primary South Korean chief to attend a NATO summit in Spain in June as an observer, warning of threats to these values. learn extra

Poland agreed to purchase 180 K2 tanks, an unspecified variety of howitzers and 48 FA-50 fighter jets underneath the deal. Friday’s contract covers a primary instalment, DAPA stated, with out elaborating on the numbers. An settlement for the jets is anticipated subsequent month.

The Ukraine invasion, which Russia calls a “particular navy operation,” has raised safety fears amongst many former Japanese Bloc international locations. NATO member Poland has vowed to spice up navy spending to three% of gross home product and greater than double the dimensions of its military to discourage any assaults.

($1 = 1,341.8100 received)

Reporting by Hyonhee Shin; Modifying by William Mallard

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