Australia, South Korea sign historic defense agreement

(Worthy News) – South Korea and Australia have signed a nearly $700 million defense deal on Monday during South Korean President Moon Jae-in’s visit to the country. Under the agreement, South Korean defense company Hanwha will provide the Australian army with equipment like artillery weapons, supply vehicles and radar.

The deal, worth 1 billion Australian dollars ($717 million, €635 million), is the largest defense contract between Australia and an Asian nation, local media reported.

“The contract that we have signed today, I think, speaks volumes about what we believe are the capabilities of the Korean defense industry,” Australian Prime Minister Scott Morrison said. The new defense contract is expected to create close to 300 jobs in Australia, where a division of Hanwha operates. [ Source: Deutche Welle (Read More…) ]

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