K-Sure Allocates $1 Billion to Romania for Defense Exports
Korea Trade Insurance Corp. (K-Sure) is set to provide $1 billion in financing to Romania's Ministry of Finance for defense projects. This initiative aims to enhance defense procurement in Romania while benefiting South Korean companies involved in the sector.
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Korea Trade Insurance Corp. (K-Sure) has announced a financing package of approximately $1 billion to Romania's Ministry of Finance, aimed at supporting defense exports. The funds will primarily be allocated for government projects focused on procuring defense equipment, contingent upon the involvement of South Korean firms in related contracts.
Key participants expected to benefit include Hanwha Aerospace, Hyundai Rotem, and Korea Aerospace Industries (KAI), with products such as the Redback infantry fighting vehicle, K2 battle tanks, and FA-50 light combat aircraft. This financing strategy aligns with South Korea's ambition to become one of the leading defense powers globally by 2030, as evidenced by a 19.2% increase in the defense research budget to approximately $4 billion for this year.
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