Hanwha Aerospace Expands European Defense Ventures with Local Collaboration

Hanwha Aerospace, South Korea's leading defense company, aims to double its European land arms revenue by 2027. The company focuses on collaborating with European nations to produce arms locally, easing political pressures and enhancing supply security. It leads South Korea's defense export growth, spurred by global conflicts.

Hanwha Aerospace, the largest defense firm in South Korea, is poised for significant growth in Europe by pledging to collaborate on local production of its arms. CEO Son Jae-il highlighted a shift, noting European countries increasingly prefer domestic production over importing weapons. This strategy is a response to regional bloc formations.

With a remarkable global market presence as the leading exporter of howitzers, Hanwha has capitalized on geopolitical tensions, including Russia's invasion of Ukraine, securing lucrative contracts across Europe and beyond. Deals with Poland and Romania exemplify this trend, emphasizing local manufacturing as part of their agreements.

The South Korean government backs Hanwha with robust support, including technology transfer clearances and military training assistance, facilitating an exponential growth in the company's order backlog. Hanwha's strategic expansion aims to meet rising international defense demands while maintaining NATO compliance standards.

(With inputs from agencies.)