South Korea’s Defense Acquisition Program Administration (DAPA) revealed a set of revisions for its updated defence offset policy on 17 December, which it said will “expand defence exports, boost capability, and create jobs”.
DAPA disclosed the revisions following concerns recently expressed by Defence Minister Jeong Kyeong-doo about the domestic industry’s falling defence sales and its declining competitiveness.
DAPA said in a statement that “major revisions” of the policy include changes in the way in which foreign contractors engage with local small and medium-sized enterprises (SMEs), a new offset banking system, and a scheme to encourage industrial collaboration between foreign contractors and local companies.
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