[Column] Ruling Party Committee Meets with K-Defense Companies... Industry Calls for Increased Export Credit and Budget

by Hwang Seoyul

Published 19 Sep.2025 11:12(KST)

Ruling Party’s Defense Industry Special Committee Holds Meeting with K-Defense Company Executives

The Defense Industry Special Committee of the Democratic Party of Korea announced its commitment to making South Korea one of the world’s top four global defense industry powers during a meeting with domestic defense companies. Industry representatives requested an increase in export credit limits and called for securing budgets to support the use of domestically produced defense products.

Yonhap News Agency

At the meeting of defense industry executives held at the National Assembly Members’ Office Building on September 19, chaired by the Defense Industry Special Committee, Committee Chairman Kim Byungjoo, who also serves as Supreme Council Member, stated, “We have gathered here to achieve the goal of becoming one of the world’s top four defense industry powers, as promoted by the Lee Jaemyung administration. The National Assembly will work to revise necessary laws and systems, and we will do our utmost to secure diplomatic support and budgets in cooperation with the government.”

Attendees at the meeting included Chairman Kim Byungjoo, Senior Vice Chairman Hwang Myungseon, Secretary Kim Taeseon, other committee members, as well as executives from nine companies including Hanwha Aerospace, Korea Aerospace Industries (KAI), LIG Nex1, and Hyundai Rotem, along with representatives from the Defense Acquisition Program Administration and the Korea Defense Industry Association.

The companies presented suggestions to revitalize the industry. Choi Jongwon, Executive Director of KAI, said, “Although the national defense budget is increasing, a rise in overseas procurement projects could restrict domestic production. We ask that the budget be allocated primarily to domestic projects to ensure smooth operation of local businesses.”

Joo Wonho, Head of Special Ship Business at HD Hyundai Heavy Industries, noted, “The APEC summit will be held in Gyeongju at the end of October, and our company is located about an hour from Gyeongju. If President Trump and other distinguished guests visit, they will be able to see the Korean shipbuilding industry at a glance. We hope many will be able to attend.”