{"id":2203953,"date":"2024-02-26T08:00:22","date_gmt":"2024-02-25T23:00:22","guid":{"rendered":"https:\/\/koreapro.org\/?p=2203953"},"modified":"2024-02-25T23:28:16","modified_gmt":"2024-02-25T14:28:16","slug":"south-korea-boosts-defense-exports-amid-escalating-global-tensions","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/02\/south-korea-boosts-defense-exports-amid-escalating-global-tensions\/","title":{"rendered":"South Korea boosts defense exports amid escalating global tensions"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The South Korean National Assembly\u2019s Planning and Finance Committee <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20240223092700001?section=politics\/national-assembly\"><span style=\"font-weight: 400;\">approved<\/span><\/a><span style=\"font-weight: 400;\"> on Friday an amendment to increase the Export-Import Bank of Korea\u2019s (Korea Eximbank) legal capital limit from $11.3 billion (<\/span><a href=\"https:\/\/elaw.klri.re.kr\/eng_mobile\/viewer.do?hseq=55783&amp;type=sogan&amp;key=5#:~:text=The%20purpose%20of%20this%20Act,Export%2DImport%20Bank%20of%20Korea.\"><span style=\"font-weight: 400;\">15 trillion won<\/span><\/a><span style=\"font-weight: 400;\">) to $18.8 billion (25 trillion won). This move aims to bolster the country\u2019s defense industry by alleviating financial constraints on exporting companies, especially securing large-scale defense contracts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the committee passed a state guarantee for Supply Chain Stabilization Fund Bonds, set to be issued by Korea Eximbank, with an issuance limit of $3.8 billion (5 trillion won). These measures are intended to strengthen economic security and supply chain stabilization, with funds earmarked for critical economic security items and emergency support for companies affected by supply chain disruptions.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The decision to increase Korea Eximbank\u2019s capital limit aims to directly support South Korea\u2019s defense exports, as seen with the significant arms deals with <\/span><a href=\"https:\/\/koreapro.org\/2022\/09\/south-koreas-defense-industry-looks-to-europe-with-major-polish-arms-deal\/\"><span style=\"font-weight: 400;\">Poland<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/koreapro.org\/2024\/02\/south-koreas-defense-strategy-takes-flight-with-saudi-missile-sale\/\"><span style=\"font-weight: 400;\">Saudi Arabia<\/span><\/a><span style=\"font-weight: 400;\">. This financial boost is crucial for facilitating large-scale contracts, such as the one with Poland, where funding shortfalls previously <\/span><a href=\"https:\/\/koreapro.org\/2023\/12\/south-koreas-arms-sales-to-poland-under-threat-from-political-changes-in-warsaw\/\"><span style=\"font-weight: 400;\">threatened the deal\u2019s viability<\/span><\/a><span style=\"font-weight: 400;\">, and for enabling new agreements, like the missile sale to Saudi Arabia, that require substantial upfront investment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, increasing Korea Eximbank\u2019s capital limit does not shield ROK defense industries from risks. The situation with Poland, where a <\/span><a href=\"https:\/\/koreapro.org\/2024\/01\/why-south-koreas-arms-deals-with-poland-faces-unexpected-hurdles\/\"><span style=\"font-weight: 400;\">change in government<\/span><\/a><span style=\"font-weight: 400;\"> cast uncertainty over previously agreed contracts, illustrates how quickly geopolitical shifts can impact such deals. Expanding South Korea\u2019s arms sales to the Middle East, particularly surface-to-air missiles, also has the potential to strain ties with Washington, which might begin to perceive the ROK as a strategic competitor.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/defense-security\/\"><span class=\"tag\">Defense &amp; Security<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>The South Korean National Assembly\u2019s Planning and Finance Committee approved on Friday an amendment to increase the Export-Import Bank of Korea\u2019s (Korea Eximbank) legal capital limit from $11.3 billion (15 trillion won) to $18.8 billion (25 trillion won). This move aims to bolster the country\u2019s defense industry by alleviating financial constraints on exporting companies, especially [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2203954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[30],"tags":[24,26,27,28],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea boosts defense exports amid escalating global tensions - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/02\/south-korea-boosts-defense-exports-amid-escalating-global-tensions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea boosts defense exports amid escalating global tensions - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"The South Korean National Assembly\u2019s Planning and Finance Committee approved on Friday an amendment to increase the Export-Import Bank of Korea\u2019s (Korea Eximbank) legal capital limit from $11.3 billion (15 trillion won) to $18.8 billion (25 trillion won). This move aims to bolster the country\u2019s defense industry by alleviating financial constraints on exporting companies, especially [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koreapro.org\/2024\/02\/south-korea-boosts-defense-exports-amid-escalating-global-tensions\/\" \/>\n<meta property=\"og:site_name\" content=\"KOREA PRO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nknewsorg\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-25T23:00:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-25T14:28:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2024\/02\/eb-11.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1870\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"johnleenknews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:site\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"KOREA PRO\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/koreapro.org\/2024\/02\/south-korea-boosts-defense-exports-amid-escalating-global-tensions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/2024\/02\/south-korea-boosts-defense-exports-amid-escalating-global-tensions\/\"},\"author\":{\"name\":\"johnleenknews\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d\"},\"headline\":\"South Korea boosts defense exports amid escalating global tensions\",\"datePublished\":\"2024-02-25T23:00:22+00:00\",\"dateModified\":\"2024-02-25T14:28:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2024\/02\/south-korea-boosts-defense-exports-amid-escalating-global-tensions\/\"},\"wordCount\":271,\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"keywords\":[\"Business &amp; Economy\",\"Defense &amp; Security\",\"Domestic Politics\",\"Inter-Korean &amp; Foreign Relations\"],\"articleSection\":[\"Briefings\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/koreapro.org\/2024\/02\/south-korea-boosts-defense-exports-amid-escalating-global-tensions\/\",\"url\":\"https:\/\/koreapro.org\/2024\/02\/south-korea-boosts-defense-exports-amid-escalating-global-tensions\/\",\"name\":\"South Korea boosts defense exports amid escalating global tensions - KOREA PRO\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/#website\"},\"datePublished\":\"2024-02-25T23:00:22+00:00\",\"dateModified\":\"2024-02-25T14:28:16+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/koreapro.org\/2024\/02\/south-korea-boosts-defense-exports-amid-escalating-global-tensions\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/koreapro.org\/2024\/02\/south-korea-boosts-defense-exports-amid-escalating-global-tensions\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/koreapro.org\/2024\/02\/south-korea-boosts-defense-exports-amid-escalating-global-tensions\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/koreapro.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"South Korea boosts defense exports amid escalating global tensions\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/koreapro.org\/#website\",\"url\":\"https:\/\/koreapro.org\/\",\"name\":\"KOREA PRO\",\"description\":\"Be smart about South Korea. 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