South Korean ministries agree to boost SME involvement in defence

08 August 2019

South Korean government ministries have signed an agreement to support greater small-business involvement in defence research and development (R&D) and production activities.

The agreement, which was signed on 7 August between the Ministry of National Defense (MND) and the Ministry of SMEs and Startups, is aimed at encouraging innovative commercial-sector firms to invest in defence.

According to the MND, the agreement aims to support small businesses in South Korea to invest in developing technologies and components that can replace imports from foreign suppliers.

The MND said that through the arrangement it will provide information to small businesses about the kinds of defence technologies and components it wants to localise.

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