South Korea weapons sales top $1bln for first time

SEOUL, Dec 29 (Reuters) - South Korea's yearly overseas arms sales topped $1 billion for the first time in 2008, a government agency said on Monday, while officials were quoted as saying the country aims to soon be one of the world's top 10 arms exporters.

South Korea's biggest exports in 2008 included self-propelled guns, aircraft and naval vessels with its main customers being Middle Eastern states and ally the United States, the Defence Acquisition Programme Administration said in a statement.

South Korea had been increasing its sales to developing countries in Africa and Latin America, the agency said without naming specific buyers.

South Korea is looking to sell $3 billion worth of arms by 2012 and be one of the world's top 10 arms exporters in the next few years, Yonhap news agency reported defence officials as saying. The Defence Ministry would not confirm the report.

The military is hoping the main drivers in weapons exports will be its next generation K-2 tank and T/A 50 supersonic fighter-trainer developed by its aerospace industry with help from Lockheed Martin Corp (LMT.N), Yonhap said.

"We should think in terms of how much of the market share we take, rather than amounts," it quoted Colonel Lee Hyun-soo, a senior official in the export trade, as saying.

Over the past several years, South Korea has sought to improve its weapons technology to boost its deterrence against North Korea, which has a numerical superiority in troops but antiquated weapons systems.

The military has found increased opportunities for exports as it has improved its weapons.

Nigeria misses out on S/Korea’s $760m African fund

By Obinna Ezeobi, in Seoul, South Korea

Published: Wednesday, 29 Oct 2008

The South Korean government announced on Tuesday, that it would commit $760m to its extensive economic cooperation with Africa, with Nigeria missing from the list of the 11 nations that would benefit.

The announcement was made at the second day of the Korea-Africa Economic Cooperation Conference in Seoul, being attended by ministers and delegations from 21 African countries, the African Development Bank and representatives of the Korean government and its private sector.

Participants at the meeting agreed that there was a need to expand economic cooperation between South Korea and Africa, and decided on the KOAFEC Action Plan 2009-2010, a strategy geared towards the achievement of six development goals, which it hoped to give priority to.

They also decided that investments be directed towards infrastructure and sustainable development, information and communication technology and human resource development.

Other key areas are knowledge sharing on Korea’s development experience, agriculture and rural development, and green growth partnership.

The benefiting countries include Angola, Ghana, Madagascar, Mozambique, Senegal and Tanzania. Other listed nations are Cameroun, Ethiopia, The Gambia, Democratic Republic of Congo and Cote d’ Ivoire, and they to receive assistance to the value of varied sums for interventions in the six key areas decided at the meeting.