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    Home»News»World News»Oceania News»Australian News»Australia Signs $717 Million Defence Deal With South Korea’s Hanwha

    Australia Signs $717 Million Defence Deal With South Korea’s Hanwha

    Australian News By Ifeanyi N.Dec 13, 2021No Comments2 Mins Read
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    Australia signed a A$1 billion ($716.5 million) defence deal with South Korea on Monday, boosting Seoul’s efforts to grow its military exports.

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    Under the terms of the deal, South Korean defence company Hanwha Corp will build 30 self-propelled howitzers and 15 armoured ammunition resupply vehicles for Australia.

    “It’s an important further chapter in the defence industry story for Australia as we continue to build our sovereign capability and (South) Korea is an important partner in that journey,” Australian Prime Minister Scott Morrison told reporters in Canberra.

    The deal positions Hanwha as a frontrunner for Australia’s planned A$30 billion contract to build infantry fighting vehicles for its army.

    See also  Australia Says It Was Upfront With France Over Submarine Deal

    Shares in Hanwha were up 3% following the announcement.

    While the defence deal is the headline of South Korean President Moon Jae-in’s four-day trip to Australia, both countries said they have also agreed to work closely to help ensure supplies of Australian critical minerals exports for South Korea’s tech sector.

    Western allies have in recent months moved to reduce their dependency on China amid heightened concern about Beijing’s control over the critical minerals sector.

    South Korea needs critical mineral supplies, having pledged to become a global battery manufacturing powerhouse by 2030 as part of its plan to be carbon neutral by 2050.

    See also  Australia PM Morrison Seeks To Sell Voters $6.46 bn Of Budget Giveaways

    Australia supplies around 40% of South Korea’s critical mineral imports, which are crucial for many of the components needed to drive the world’s economies to net zero emissions by 2050.

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