Institution: South Korea Becomes One of the Fastest-Growing Arms Suppliers Globally
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The report points out that the total revenue of South Korea’s four major defense companies—Hanwha Group, Hyundai Rotem, LIG Nex1, and Korea Aerospace Industries—is expected to reach about $37 billion this year, nearly four times that of 2021. In addition, South Korea has also become the second largest supplier of weapons to European NATO member states, second only to the United States.
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