{"id":2207250,"date":"2024-11-25T15:12:36","date_gmt":"2024-11-25T06:12:36","guid":{"rendered":"https:\/\/koreapro.org\/?p=2207250"},"modified":"2024-11-25T15:12:36","modified_gmt":"2024-11-25T06:12:36","slug":"seeking-new-markets-south-korea-sets-sights-on-defense-deals-with-latin-america","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/11\/seeking-new-markets-south-korea-sets-sights-on-defense-deals-with-latin-america\/","title":{"rendered":"Seeking new markets, South Korea sets sights on defense deals with Latin America"},"content":{"rendered":"

Latin America\u2019s limited defense budgets, political instability and entrenched competition from global powers present significant challenges to South Korea\u2019s ambitions to expand its defense industry in the region.<\/span><\/p>\n

Despite these obstacles, Seoul is making inroads into the region, leveraging defense agreements with Peru and carrying out diplomatic outreach at the <\/span>G20 summit in Brazil<\/span><\/a>.<\/span><\/p>\n

South Korea\u2019s <\/span>agreement<\/span><\/a> 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.<\/span><\/p>\n

These efforts align with President Yoon Suk-yeol\u2019s goal of positioning South Korea as one of the world\u2019s top four defense exporters by 2027, while reinforcing its economic and geopolitical influence globally.<\/span><\/p>\n

\"\"

South Korean President Yoon Suk-yeol and Peruvian President Dina Boluarte during their summit on Nov. 16 | Image: ROK Presidential Office<\/p><\/div>\n

PERU: A DEFENSE PARTNER IN THE MAKING<\/b><\/p>\n

South Korea\u2019s Defense Acquisition Program Administration announced multiple agreements with Peru on Nov. 18, during the Asia-Pacific Economic Cooperation (APEC) summit in Lima. These include deals for submarine co-development, KF-21 component production and ground equipment collaboration.<\/span><\/p>\n

For South Korea, these deals solidify its position as a key defense partner in the region, while helping Peru modernize its military capabilities.<\/span><\/p>\n

The agreements build on a decade of growing defense collaboration. In 2012, Korea Aerospace Industries <\/span>delivered 20 KT-1P<\/span><\/a> trainer aircraft to the Peruvian Air Force, a deal that included technology transfer and local assembly. In April, HD Hyundai Heavy Industries signed a $459 million (<\/span>640.6 billion won<\/span><\/a>) agreement with Peru\u2019s state-owned SIMA Shipyard to construct four naval vessels.<\/span><\/p>\n

The latest deals represent a shift toward greater technological and industrial integration, offering Peru access to advanced South Korean defense technology while emphasizing localized production.<\/span><\/p>\n

The submarine co-development project is particularly significant. Peru\u2019s aging submarine fleet, critical for protecting its vast coastline, requires modernization. The agreement with South Korea provides a cost-effective solution tailored to Lima\u2019s specific needs.<\/span><\/p>\n

For Seoul, the deal is an opportunity to showcase its capabilities in submarine technology, a high-value segment of the global defense market. However, questions remain about the financial viability of the project, given Peru\u2019s <\/span>limited defense budget<\/span><\/a> and potential delays in implementation.<\/span><\/p>\n

\"\"

South Korean President Yoon Suk-yeol and Brazilian President Luiz In\u00e1cio Lula da Silva shake hands before the G20 Summit in Rio De Janeiro on Nov. 18 | ROK Presidential Office<\/p><\/div>\n

BRAZIL: REGIONAL HEAVYWEIGHT<\/b><\/p>\n

Brazil, Latin America\u2019s largest economy, offers significant opportunities for South Korea\u2019s defense and economic ambitions.<\/span><\/p>\n

Yoon\u2019s participation in the G20 summit in Rio de Janeiro signaled South Korea\u2019s intent to strengthen ties with the country. While no specific defense deals were announced during the summit, Brazil\u2019s established defense industry and growing demand for advanced technology make it an attractive partner.<\/span><\/p>\n

South Korea notably selected <\/span>Embraer\u2019s C-390 Millennium<\/span><\/a> for its Large Transport Aircraft II project in Dec. 2023, making the ROK Air Force the first Asian operator of the Brazilian-made tactical transport aircraft.<\/span><\/p>\n

The ROK\u2019s expertise in naval and aerospace technologies also aligns well with Brazil\u2019s security priorities, particularly in coastal defense and regional stability. Collaborative projects could bolster South Korea\u2019s bid to expand its global market for advanced fighter jets and military aircraft as well.<\/span><\/p>\n

Beyond defense, economic collaboration is another pillar of South Korea\u2019s strategy. Brazil is South Korea\u2019s largest trading partner in Latin America, with Seoul\u2019s exports to the Latin American country reaching <\/span>$5.28 billion<\/span><\/a> in 2022.<\/span><\/p>\n

South Korea\u2019s continued engagement with Brazil could lead to joint ventures in infrastructure, renewable energy and critical industries, strengthening its foothold in a rapidly evolving market.<\/span><\/p>\n

\"\"

South Korean President Yoon Suk-yeol and Chilean President Gabriel Boric meet on the sidelines of the APEC summit in Nov. 2023 | Image: ROK Presidential Office<\/p><\/div>\n

CHILE: A STRATEGIC RESOURCE PARTNER<\/b><\/p>\n

Chile has emerged as a critical partner for South Korea. As one of the world\u2019s largest producers of lithium, a resource vital to South Korea\u2019s battery and electric vehicle industries, Chile has been pivotal in securing Seoul\u2019s supply chains for high-tech sectors.<\/span><\/p>\n

In 2023, LG Energy Solution signed an agreement with Chilean mining giant SQM to secure a <\/span>long-term supply of lithium<\/span><\/a>, showcasing South Korea\u2019s commitment to resource security. This partnership aligns with South Korea\u2019s broader strategy of reducing dependence on China for critical materials while solidifying ties with resource-exporting nations.<\/span><\/p>\n

Beyond lithium, South Korean companies like Hyundai Engineering and Construction have long shown interest in participating in Chile\u2019s renewable energy and <\/span>infrastructure projects<\/span><\/a>, further diversifying South Korea\u2019s investments in the region.<\/span><\/p>\n

While defense cooperation with Chile has yet to match the scale of that with Peru, the potential for collaboration exists in areas like naval technology, given Chile\u2019s <\/span>modernization efforts<\/span><\/a> for its navy.<\/span><\/p>\n

South Korea\u2019s experience with localized production, as seen in its partnership with other countries, could serve as a model for future agreements with Chile, expanding Seoul\u2019s defense footprint in the region.<\/span><\/p>\n

\"\"

President Yoon Suk-yeol inspects South Korean military weapons on Armed Forces Day on Oct. 1, 2024 | Image: ROK Presidential Office<\/p><\/div>\n

WHY LATIN AMERICA MATTERS<\/b><\/p>\n

South Korea\u2019s growing engagement with Latin America reflects a broader strategy to diversify its global economic and defense partnerships. The region\u2019s vast natural resources, such as lithium in Chile and oil in Brazil, are vital to South Korea\u2019s high-tech industries and energy security.<\/span><\/p>\n

Latin America also offers an opportunity to counterbalance China\u2019s growing influence. Beijing\u2019s investments and <\/span>arms sales in the region<\/span><\/a> have challenged traditional U.S. dominance. South Korea\u2019s emphasis on partnerships with U.S.-aligned countries like Peru and Brazil reinforces its strategic alignment while expanding its defense market.<\/span><\/p>\n

Moreover, South Korea can differentiate itself from both China and traditional suppliers like the U.S. and Russia by positioning itself as a reliable and technologically advanced partner.<\/span><\/p>\n

The region also serves as a testing ground for South Korea\u2019s broader defense export ambitions. Success in Latin America could set a precedent for future expansions in Africa, Southeast Asia and other emerging markets.<\/span><\/p>\n

Despite this potential, Latin America presents significant challenges for South Korea\u2019s ambitions.\u00a0<\/span><\/p>\n

Limited defense budgets constrain the scale and pace of planned collaborations. For example, Peru\u2019s financial challenges could delay projects like submarine co-development, raising questions about the long-term viability of such agreements.<\/span><\/p>\n

Indonesia\u2019s <\/span>partial withdrawal<\/span><\/a> from the joint KF-21 fighter jet program will likely serve as a lesson for South Korea\u2019s future joint ventures with other countries that may suffer from limited funding options.<\/span><\/p>\n

Political instability in the region will likely be another source of long-term concern for Seoul. Peru has faced repeated <\/span>leadership crises<\/span><\/a> in recent years, and other nations in Latin America grapple with corruption and governance issues that could disrupt long-term partnerships.<\/span><\/p>\n

Competition from established players is equally formidable. The U.S., China and Russia have entrenched relationships in the region, offering economic incentives and military aid that South Korea may struggle to match.<\/span><\/p>\n

Additionally, Latin America\u2019s emphasis on local production, while offering opportunities for technology transfer, could strain South Korea\u2019s defense industry if not managed carefully.<\/span><\/p>\n

\"\"

KF-21 Boramae conducts its first flight test, July 22, 2022 | Image: Defense Acquisition Program Administration<\/p><\/div>\n

OPPORTUNITIES FOR GROWTH<\/b><\/p>\n

The agreements with Peru provide a road map for South Korea\u2019s broader ambitions in Latin America. Submarine co-development and KF-21 component production could serve as a case study for other nations in the region considering South Korean defense technology.<\/span><\/p>\n

Brazil and Colombia represent significant opportunities for expansion. Brazil\u2019s robust economy and established defense industry could lead to larger-scale collaborations, while Colombia\u2019s modernization needs make it a natural partner for South Korea\u2019s cost-effective defense exports.<\/span><\/p>\n

Targeted engagement with these nations would strengthen South Korea\u2019s regional influence and diversify its defense partnerships.<\/span><\/p>\n

Beyond defense, South Korea\u2019s diplomatic and economic outreach can deepen ties across multiple sectors. Resource agreements in Chile, infrastructure projects in Mexico and renewable energy investments in Brazil are just a few examples of how Seoul can position itself as a trusted partner in Latin America.<\/span><\/p>\n

These efforts not only support South Korea\u2019s <\/span>global ambitions<\/span><\/a> but also enhance its reputation as a \u201cglobal pivotal state\u201d in international affairs.<\/span><\/p>\n

Edited by Alannah Hill<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Defense & Security<\/span><\/a>Inter-Korean & Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

Latin America\u2019s limited defense budgets, political instability and entrenched competition from global powers present significant challenges to South Korea\u2019s 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 […]<\/p>\n","protected":false},"author":10909,"featured_media":2207256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24,26,28],"class_list":["post-2207250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy","tag-defense-security","tag-inter-korean-foreign-relations"],"yoast_head":"\nSeeking new markets, South Korea sets sights on defense deals with Latin America - 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\/11\/seeking-new-markets-south-korea-sets-sights-on-defense-deals-with-latin-america\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seeking new markets, South Korea sets sights on defense deals with Latin America - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"Latin America\u2019s limited defense budgets, political instability and entrenched competition from global powers present significant challenges to South Korea\u2019s ambitions to expand its defense industry in the region. 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