Seattle-based aerospace giant Boeing has signed a Memorandum of Understanding (MOU) with the Defense Acquisition Program Administration (DAPA) of the Republic of Korea (ROK) to jointly research, develop, and market advanced weapons systems for the Korean defense industry.
The MOU was signed by Ted Colbert, President and CEO of Boeing Defense, Space and Security, and DAPA Minister Eom Donghwan. The agreement will support the U.S.-ROK alliance and ROK President Yoon Suk Yeol’s national defense strategy in developing and securing Korean advanced military capabilities.
Boeing has been a long-time partner of Korea for over 70 years. The company has committed to spending over U.S. $4 billion with suppliers in the past 15 years and has spent over $250 million with over 50 Korean companies providing products and services for Boeing in 2022.
The joint effort between Boeing and DAPA will have a positive impact on the Korean defense industry, especially small and medium-sized companies. It will create large-scale value from the initial stage as part of Boeing’s global value chain. DAPA has committed to supporting research, development, and export of the defense systems from this co-development initiative.
The two parties will establish working committees to meet regularly and identify weapons systems of mutual interest. This collaboration will enable Boeing to partner with a global innovation leader while expanding its presence in Korea.
Boeing’s President and CEO of Defense, Space and Security, Ted Colbert, said, “For over 70 years Boeing has been committed to its partnership with Korea. This agreement aligns with Boeing and DAPA’s common interest of establishing a strategic partnership to support the U.S.-ROK alliance.”
The CEO of DAPA, Eom Donghwan, added, “This joint effort will have a positive impact on the Korean defense industry, especially small and medium-sized companies, by creating large-scale value from the initial state as part of Boeing’s global value chain.”
The ROK’s defense industry has seen a lot of growth in recent years. The country is home to the fifth-largest defense industry in the world and has been increasing its investment in research and development. The government’s national defense strategy aims to develop and secure Korean advanced military capabilities.
Boeing has been working with the Korean defense industry for many years and has contributed to its growth. The company has been involved in developing and supplying a range of products, including the F-15K fighter jet, AH-64E Apache attack helicopter, and KC-46A tanker aircraft.
This collaboration between Boeing and DAPA is another step forward in developing and securing Korean advanced military capabilities. It will support the U.S.-ROK alliance, which has been a cornerstone of stability in the Asia-Pacific region for many years.