South Korea boosts financial support for local SMEs

18 December 2018

South Korea's Defense Acquisition Program Administration (DAPA) has outlined plans to provide increased financial support for domestic defence companies.

The DAPA said on 18 December that from 2019 it will nearly double the amount of investment that it is offering local small and medium-sized enterprises (SMEs) as an incentive to participate in defence programmes.

The DAPA added that in 2019 it will offer local SMEs more than KRW52 billion (USD46.2 million) across several industry initiatives. In 2018 investment in these initiatives was KRW28 billion, it said.

These initiatives include efforts to localise the production of components on major military platforms, to introduce technologies that increase the capability of existing platforms, and to introduce civilian technologies into military programmes.

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