Business Performance of the Korean Defense Industry: Current Status and Future Development Issues
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The Korean government is emphasizing the role of the defense industry in a bid toconnect it more firmly with the country’s economy as a whole. Following the previousgovernment’s policy of developing the defense industry into a new economicgrowth engine, the current government is seeking to create innovative defenseR&D basis and boost new business in the defense industry as one of the key agendasin the defense acquisition program administration. The key of this policy is howto improve the defense R&D system and industrial base through “Openness andCompetition,” which is contrasted to the past policy strongly based on protectionism. In order to realize this, the Korean government is endeavoring to move towardleading future development. This change of focus will require a comprehensiveunderstanding on business environment and performance of the defense industry. The reality faced by defense companies should also be considered from a moreobjective perspective. In this context, this paper examines the overall management ofKorean defense companies and evaluates the policy implications that can be identifiedin this regard. The main contents of this paper include an overview of supply base ofthe defense industry, an outline of the trends and structural characteristics of defenserevenues, and analyses of overall management status associated with financialmatters; number of workers employed; amount of investments; domestic supply ofdefense items production; and defense exports. Furthermore, by comparing thechanging trends of business indicators, points worth considering in the establishmentof the future direction of defense policy have been put forward.
Abstract
The Korean government is emphasizing the role of the defense industry in a bid toconnect it more firmly with the country’s economy as a whole. Following the previousgovernment’s policy of developing the defense industry into a new economicgrowth engine, the current government is seeking to create innovative defenseR&D basis and boost new business in the defense industry as one of the key agendasin the defense acquisition program administration. The key of this policy is howto improve the defense R&D system and industrial base through “Openness andCompetition,” which is contrasted to the past policy strongly based on protectionism. In order to realize this, the Korean government is endeavoring to move towardleading future development. This change of focus will require a comprehensiveunderstanding on business environment and performance of the defense industry. The reality faced by defense companies should also be considered from a moreobjective perspective. In this context, this paper examines the overall management ofKorean defense companies and evaluates the policy implications that can be identifiedin this regard. The main contents of this paper include an overview of supply base ofthe defense industry, an outline of the trends and structural characteristics of defenserevenues, and analyses of overall management status associated with financialmatters; number of workers employed; amount of investments; domestic supply ofdefense items production; and defense exports. Furthermore, by comparing thechanging trends of business indicators, points worth considering in the establishmentof the future direction of defense policy have been put forward.