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The Korean Defense Industry 2014: Current Status and Policy Implications

Author

Listed:
  • Jang, Won-Joon

    (Korea Institute for Industrial Economics and Trade)

  • Min, Hyeok Ki

    (Korea Institute for Industrial Economics and Trade)

  • An, Young Su

    (Korea Institute for Industrial Economics and Trade)

Abstract

This is the third edition of the KIET Korean defense industry statistics and competitiveness report in 2014. The main purpose of this report is to establish the basis of the Korean defense industrial statistics with an actual survey from 2008 to 2013. Moreover, it also includes the defense SME’s statistical analysis for the first time on a basis of an industrial survey in the same period. In a similar vein, it suggests policy implications to boost up the Korean defense industry including its SMEs as new growth engines in the near future. This report provides a significant milestone and policy directions for the future development of the Korean defense industry. Korea is the world’s 11th largest defense expenditure country and the 4th largest arms buying country within the recent 10 years. However, the Korean defense industry encounters difficulties due to the monopolistic and oligopolistic industry structure today. In particular, it is necessary to improve the current ‘defense designated product & companies system’ and ‘cost subsidy system’, which impede the progress of defense industry development. The defense industry could suffer from chronic problems of high production costs, low rate of productivity and operating ratio for a long period of time.

Suggested Citation

  • Jang, Won-Joon & Min, Hyeok Ki & An, Young Su, 2015. "The Korean Defense Industry 2014: Current Status and Policy Implications," Occasional Papers 15/2, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kietop:2015_002
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    More about this item

    Keywords

    defense spending; defense industry; defense R&D; Korean defense industry; Korean defense technology; arms exports; weapons systems; weapons exports; defense exports; arms sales; defense policy; defense industry policy; defense industry policy reform; military spending; military spending policy;
    All these keywords.

    JEL classification:

    • F52 - International Economics - - International Relations, National Security, and International Political Economy - - - National Security; Economic Nationalism
    • L64 - Industrial Organization - - Industry Studies: Manufacturing - - - Other Machinery; Business Equipment; Armaments

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