South Korea’s Defense Acquisition Program Administration (DAPA) has said it will fund projects that aim to replace foreign-made components of major weapons, with indigenous ones.
On Thursday, the arms procurement agency designated 11 ongoing military hardware development projects including its Light Armed Helicopter (LAH) project, and KF-X project to build a next-generation indigenous fighter.
It has begun receiving applications from local firms to develop components for the military equipment. Winners will be announced in June.
DAPA has earmarked $24.42 million to support the chosen companies over the next five years.
"South Korea enacted a law in February designed to nurture local arms industries. We will continue backing competitive local defense companies and to create more jobs," DAPA chief Wang Jeong-hong said.