The European Union, for its part, has committed to an 800-billion-euro rearmament initiative, further boosting demand for advanced weapons systems as the end to the Russia-Ukraine war remains unclear.“The outlook for Korean defense firms’ record earnings this year remains firmly intact,” said Lee Dong-heon, an analyst at Seoul-based Shinhan Investment Corp.“Most of these companies are exposed more to Europe, the Middle East and Asia than the US, which mitigates risk from Washington’s tough trade measures.” STRUCTURAL RE-RATINGAs geopolitical uncertainty continues to drive global rearmament, Korea’s defense industry is poised not only for another strong year but possibly a structural re-rating.
CHANGWON: HOME TO MAJOR KOREAN DEFENSE FIRMSThe industrial hub of Changwon, home to key production facilities for Hanwha Aerospace and Hyundai Rotem, accounted for $393 million in defense exports in the first quarter alone, a 46% increase from the first quarter of 2024.
Hanwha manufactures its signature K9 self-propelled howitzers and Chunmoo multiple rocket launchers at three plants in the city.Following a 1.4 trillion won ($984 million) deal for K9 howitzers and K10 ammunition-carrying vehicles with Romania last year, Hanwha signed K9 contracts earlier this year with Poland and India, worth 402.6 billion won and 371.4 billion won, respectively.
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