Gov't, PPP agree on measures to help expand Korean arms exports
![Acting Defense Minister Kim Seon-ho, center, speaks during a policy consultation meeting at the National Assembly on Feb. 10, to discuss ways to boost arms exports. [NEWS1]](https://image.koreajoongangdaily.com/12236385.webp?imageId=12236385&width=960&height=640&format=jpg)
The government and the ruling People Power Party (PPP) agreed Monday on support measures to help expand the nation's arms exports.
Under the measures, more than 3 trillion won ($2 billion) will be spent by 2027 to foster 10 technology sectors, including artificial intelligence, space and high-end materials, according to Rep. Kim Sang-hoon, the PPP's top policymaker.
The government will also provide up to 5 billion won to each small and medium-sized arms manufacturer over the next two years, in addition to providing financial support through state-run institutions.
Korea aims to carve out a 5 percent share of the global arms export market to become the fourth-largest defense exporter by 2027.
Yonhap
