Seeking new markets, South Korea sets sights on defense deals with Latin America



Analysis Seeking new markets, South Korea sets sights on defense deals with Latin America Submarine project with Peru and resource deal with Chile highlight Seoul’s push to expand its global influence John LeeNovember 25, 2024 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON A collage of a map of Latin America and South Korean President Yoon Suk-yeol \| Image: Wikimedia Commons, ROK Presidential Office, edited by Korea Pro Latin America’s limited defense budgets, political instability and entrenched competition from global powers present significant challenges to South Korea’s ambitions to expand its defense industry in the region. Despite these obstacles, Seoul is making inroads into the region, leveraging defense agreements with Peru and carrying out diplomatic outreach at the G20 summit in Brazil. South Korea’s agreement with Peru to co-develop a submarine and co-produce KF-21 fighter jet components, announced on Nov. 16, reflects a calculated strategy to diversify its partnerships beyond Asia and the Middle East. These efforts align with President Yoon Suk-yeol’s goal of positioning South Korea © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01Trump’s Alaska LNG claim shows who really runs the US-South Korea alliance 02South Korea’s missile defense push raises new questions over wartime stocks 03South Korea bank hacks expose weak links beyond core financial systems 04Lee-Zelensky feud exposes South Korea’s widening Ukraine policy dilemma 05Lee Jae Myung’s ‘pacemaker’ strategy tests South Korea’s leverage with Trump 06Trump’s Korea investment victory lap masks safeguards Seoul still controls 07North Korean POW dispute tests Seoul-Kyiv trust and future Ukraine policy 08South Korea’s CPTPP push exposes the cost of turning trade gains into consensus

Analysis

Seeking new markets, South Korea sets sights on defense deals with Latin America

Submarine project with Peru and resource deal with Chile highlight Seoul’s push to expand its global influence

John LeeNovember 25, 2024

Seeking new markets, South Korea sets sights on defense deals with Latin America

A collage of a map of Latin America and South Korean President Yoon Suk-yeol | Image: Wikimedia Commons, ROK Presidential Office, edited by Korea Pro

Latin America’s limited defense budgets, political instability and entrenched competition from global powers present significant challenges to South Korea’s ambitions to expand its defense industry in the region.

Despite these obstacles, Seoul is making inroads into the region, leveraging defense agreements with Peru and carrying out diplomatic outreach at the G20 summit in Brazil.

South Korea’s agreement with Peru to co-develop a submarine and co-produce KF-21 fighter jet components, announced on Nov. 16, reflects a calculated strategy to diversify its partnerships beyond Asia and the Middle East.

These efforts align with President Yoon Suk-yeol’s goal of positioning South Korea

Seeking new markets, South Korea sets sights on defense deals with Latin America

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John Lee