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South Korea Defence and Security Report 2016

  • June 2016
  • -
  • Business Monitor International
  • -
  • 53 pages

Includes 3 FREE quarterly updates

BMI View: North Korea's pursuit of nuclear weapons and ballistic missiles represents a persistent,increasingly belligerent and direct threat to South Korea. In the face of this, South Korea will continue toinvest considerably into strengthening its defence posture - namely its counter strike, reconnaissance andintelligence capabilities - providing opportunities for multinational defence companies. Although thedomestic sector lacks the ability to satisfy the more advanced requirements of the South Korean armedforces, its export potential has, and will, continue to increase, driven by government support and close tieswith the US. However, we highlight domestic structural issues as a downside risk to our forecasts. Althoughthe country's economic outlook remains sound for the time being, over the long term, these issues will - ifnot addressed - act as a drag on defence expenditure growth.

Latest Updates

- In May 2016, the South Korean Navy took part in the ASEAN Defence Ministers' Meeting (ADMM)-Plus maritime security and counterterrorism exercise. The multilateral exercise comes against a backdropof rising maritime tension in the Asia-Pacific region and saw participation by the 10 ASEAN countriesand Australia, China, Japan, India, New Zealand, Russia, South Korea, and the US.

- On April 11 2016, South Korea's Hanwha Techwin was formally awarded a PHP2.42bn (USD52.5mn)contract to supply eight new amphibious assault vehicles (AAVs) to the Philippine Marine Corps.

- On April 8 2016, the Hanwha Group was successful in its bid to acquire 100% of armoured vehiclemanufacturer Doosan DST for KRW695bn (USD608mn).

- In April 2016, South Korea's Defense Acquisition Program Administration (DAPA) was reportedly in theworks of developing an updated defence offset scheme that would promote the development of small andmedium-sized enterprises in the defence sector.

- In March 2016, South Korean and US armed forces carried out their annual joint exercises 'Foal Eagle'and 'Key Resolve'.

- In March 2016, Washington and Seoul began formal talks regarding the deployment of a US TerminalHigh-Altitude Area Defense (THAAD) anti-ballistic missile system to South Korea.

Table Of Contents

South Korea Defence and Security Report 2016
BMI Industry View 7
Table: Defence Expenditure (South Korea 2015-2020) 7
SWOT 9
Defence Industry SWOT 9
Industry Forecast 11
Defence Expenditure 11
Table: Defence Expenditure (South Korea 2014-2019) 12
Table: Defence Expenditure (South Korea 2020-2025) 12
Defence Trade 15
Industry Risk Reward Index 18
Defence Industry Risk Reward Index 18
Table: Asia Pacific - Defence Industry Risk Reward Index 18
Rewards 19
Risks 19
Market Overview 21
Defence Market Overview 21
Domestic Defence Sector 21
Domestic Defence Market 23
Armed Forces Overview 27
Armed Forces 27
Table: Armed Forces Personnel (South Korea 2006-2013) 28
Table: Manpower Available For Military Service (aged 16-49 unless otherwise stated) (South Korea 2013-2020) 30
Security Overview 32
Domestic Threats 32
Regional Threats 33
Company Profile 36
Daewoo Shipbuilding and Marine Engineering (DSME) 36
Hanwha Group 39
Hyundai Heavy Industries 42
Korea Aerospace Industries (KAI) 45
LIG Nex1 47
Methodology 49
Industry Forecast Methodology 49
Risk/Reward Index Methodology 50
Sector-Specific Methodology 52
Table: Defence Risk/Reward Index Indicators 52
Weighting 53
Table: Weighting of Defence Risk Reward Index 53

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