What Happened
Hanwha, Hyundai Shift Focus To Central And South America, Southeast Asia
South Korean defense companies are shifting their focus from Europe to Peru, Chile, and the Philippines, driven by the absence of large-scale overseas orders and the difficulty of entering the NATO market. Hanwha and HD Hyundai are competing for submarine and armored vehicle contracts in Central and South America, while the Philippines emerges as a key market for maritime and aerospace defense. The country’s third military modernization program, worth approximately 49 trillion Korean won, presents opportunities for South Korean defense firms. This development was first reported by Unknown Source.