South Korean defense companies are readying to show off their weapons systems and technologies at the upcoming defense exhibition DefExpo 2020 running on Feb. 5-8 in India to gain traction in overseas expansion.
According to industry sources on Sunday, 10 companies including Hanwha Defense, Korea Aerospace Industries and LIG Nex1 confirmed their participation in this year’s DefExpo, India’s largest defense exhibition, to be held next month in India, with 700 firms from 30 countries across the globe.
Korean companies aim to focus on exploring local sales channels at the exhibition.
Hanwha Defense’s self-propelled anti-aircraft defense system named Biho, which means flying tiger, can steal attention as it is waiting the final nod for supplies to India from the local defense ministry.
“The outlook for Korea’s defense industry has been murky for immediate and long-term. The Indian deal can be an impetus,” said an industry official.
According to a report by the Defense Agency for Technology and Quality last year, India spent the world’s fourth largest $66 billion for defense in 2018, with purchase of weapons reaching the second largest of $13.9 billion in the world.