Seoul, Oct. 20 -- South Korean President Lee Jae-myung on Monday vowed to make bold investments in the defense and aerospace industries during his single five-year term.
Lee made the vow in his address at the opening ceremony of the Seoul International Aerospace & Defense Exhibition (ADEX) 2025, saying that his government will inject funds of 32 trillion won (22.6 billion U.S. dollars) into the defense research and development (R&D) and 7 trillion won (4.9 billion dollars) into the aerospace R&D each by 2030.
The president set a vision to elevate the Asian country to one of the world's top four defense industry powers.
Lee said the fiscal spending will focus on developing homegrown technologies, components and materials, such as special ...