Boeing and South Korea’s Defense Acquisition Program Administration (DAPA) have signed a memorandum of understanding to pursue joint research, development, and marketing for advanced weapons systems.
The agreement is expected to broaden Boeing’s presence across South Korea, as it will provide the company an opportunity to directly support the government’s national defense strategy in producing and maintaining advanced military assets.
Retaining Common Interests
DAPA has committed to supporting related works and exports for the co-development partnership.
They will establish a working committee to meet regularly and identify weapons systems of mutual interest throughout the effort.
“For over 70 years Boeing has been committed to its partnership with Korea,” Boeing Defense, Space, and Security CEO and President Ted Colbert stated.
“This agreement aligns with Boeing and DAPA’s common interest of establishing a strategic partnership to support the US-ROK alliance.”
‘A Positive Impact’
Boeing has spent $4 billion in the past 15 years with the South Korean aerospace industry before the signing.
Last year, the company spent more than $250 million on product and service suppliers from over 50 local partners.
“This joint effort will have a positive impact on the Korean defense industry, especially small & medium sized companies, by creating large-scale value from the initial state as part of Boeing’s global value chain,” DAPA Minister Eom Donghwan said.