Defense Minister Shin Won-sik arrives at a Cabinet meeting in Government Complex Seoul, March 12. Yonhap

Korea plans to invest 400 billion won ($288.7 million) this year to develop advanced materials and components used in defense products as part of efforts to strengthen the competitiveness of the local arms industry, officials said Wednesday.

Defense Minister Shin Won-sik and Industry Minister Ahn Duk-geun led an interagency meeting in Seoul to discuss the plan among other support measures for the arms industry as the country pushes for a greater presence in the global defense market.

Korea aims to carve out a 5 percent share of the global arms export market to become the fourth-largest defense exporter by 2027, after logging a record $17.3 billion worth of arms exports in 2022.

As part of the measures, the government seeks to focus advanced defense research and development in space, artificial intelligence, unmanned and manned systems, semiconductors and robots, and create a support fund of 36 billion won geared for defense technologies.

It aims to produce over 2,000 experts in the defense sector annually working on robotics, aviation and semiconductors, while pushing for joint research and development with world-class research institutes to acquire next-generation technologies, such as artificial intelligence.

Officials also discussed ways for the government to provide financial support for defense companies seeking to clinch export deals amid growing calls for such support with increasing interest in Korean defense products.

The government said it would also create a defense space certification system to foster an independent space industry and for the timely procurement of space industry-related materials and parts, with plans to ultimately establish a defense space certification center. (Yonhap)