KITA and Kyungyoun Exhibition Deliver 60 Million Won in Scholarships and Support to Families of Fallen Navy Personnel

Scholarship Fund for Bereaved Families and Consolation Money for Patrol Aircraft Accident
MADEX: A Platform for Overseas Expansion of Korean Defense Companies
Strengthening Cooperation Among Host Organizations to Promote the Event

The Korea International Trade Association announced on the 6th that it delivered a total of 60 million won in sponsorship funds, including the 'Sea Love Navy Scholarship Fund,' to the Navy on the 5th in collaboration with Kyungyoun Exhibition.

The Korea International Trade Association held the 'Love the Sea Navy Scholarship Fund Presentation Ceremony' on the 5th in collaboration with Kyungyeon Exhibition. From left to right: Kim Youngsoo, CEO of Kyungyeon Exhibition; Kang Donggil, Chief of Naval Operations; Yoon Jinsik, Chairman of the Korea International Trade Association. Photo by Korea International Trade Association

The Sea Love Navy Scholarship Fund is a fund established to support the education of children of Navy personnel who have fallen or died in the line of duty, and is operated by the public foundation Sea Love Navy Scholarship Foundation.

This sponsorship presentation ceremony was organized to express gratitude for the dedication of Navy personnel who have contributed to the International Maritime Defense Industry Exhibition (MADEX), which has been jointly hosted by the Korea International Trade Association, the Navy, and Kyungyoun Exhibition.

The event was attended by Yoon Jinsik, Chairman of the Korea International Trade Association; Kang Donggil, Chief of Naval Operations; and Kim Youngsoo, CEO of Kyungyoun Exhibition. Of the 60 million won in sponsorship, 50 million won will be donated to the public interest foundation Sea Love Navy Scholarship Foundation to support the education of children of fallen or deceased Navy personnel, while the remaining 10 million won will be delivered to the Naval Air Command as consolation money for the Navy patrol aircraft accident that occurred during this year's MADEX.

MADEX, which began in 1999 and held its 14th edition last May, has established itself as a leading maritime defense industry exhibition, recording its largest scale ever with 200 companies from 14 countries and a total of about 20,000 visitors. In particular, HD Hyundai Heavy Industries secured contracts for a total of 10 frigates through this exhibition, starting with two for the Philippines in 2016, and last year won contracts for four vessels for Peru. Hanwha Ocean held a separate meeting this year with officials from the Orca Project, a Polish initiative to introduce three new submarines, and signed a memorandum of understanding (MOU) with a local Polish shipyard for cooperation in shipbuilding and maintenance. Through MADEX, the overseas expansion of domestic defense companies continues to grow.

Yoon Jinsik, Chairman of the Korea International Trade Association, stated, "This year's MADEX was a meaningful occasion that once again demonstrated the competitiveness of K-Defense to the world through close cooperation among the public sector, private sector, and the military. I am grateful for the dedication of the Navy, and using this event as a stepping stone, we will further strengthen cooperation among the host organizations and continue to work toward expanding exports in the maritime and defense sectors."

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