S. Korea, Australia mark 60th anniversary, pledge greater military cooperation

Hanwha Defense Executive Vice President and head of overseas business Kim Dae-young delivers his speech at the 42nd AKBC-KABC joint meeting held at JW Marriott Hotel Seoul on Thursday. (Yonhap)

To celebrate the 60th anniversary of the establishment of diplomatic relations between South Korea and Australia, members of the Korea-Australia Business Council and Australia-Korea Business Council gathered in Seoul to promote greater partnership, including military cooperation.

During the 42nd AKBC-KABC gathering held at JW Marriott Hotel Seoul on Thursday, Hanwha Defense Executive Vice President and head of overseas business Kim Dae-young underscored how the firm‘s expansion to Australia can bring massive economic benefits to the country in front of some 70 Korean and Australian business people and government officials.

“Hanwha Defense plans to establish its first overseas production base on a 150,000 square-meter site in Avalon. This will become the biggest foreign production facility in the history of Korean defense history,” Kim said.

According to Kim, Hanwha Defense is participating in two acquisition programs in Australia -- Land 8116 and Land 400 Phase 3. The facility is designed to manufacture K9 self-propelled howitzers for Land 8116 and Redback infantry fighting vehicles, should Hanwha Defense win those programs.

“For two programs, more than 600 local companies are participating or scheduled to join. If (Hanwha Defense’s) Land 400 venture turns out successful, it would generate economic benefits worth 571 million Australian dollars and create more than 1,000 jobs,” said Kim, adding that the firm targets a localization rate of 60 percent.

By Kim Byung-wook(kbw@heraldcorp.com)