As part of the Global Pivotal State (GPS) initiative of President Yoon Suk Yeol's government, South Korea has increased its diplomatic and political ties with nations outside of its immediate neighbourhood. The vision aims to maximise Korea's connections in the two vital domains of economy and technology and defence and security. This change was initially demonstrated in its December 2022 presentation of the Indo-Pacific strategy, which emphasised the importance of distant regions in its strategic imagination. Europe has been a vital strategic ally for Korea throughout this change, both as a developing market and a strategic player. The former is due to its dependence on an export-oriented model, and the latter is because of the EU's influence in international diplomacy. However, amidst the deepening and widening ties, defence cooperation is now emerging as a strategic area for both partners.
The vision aims to maximise Korea's connections in the two vital domains of economy and technology and defence and security.
South Korean defence Manufacturing and European demand
South Korea's and Europe’s defence cooperation has significantly increased in the backdrop of the Russian invasion of Ukraine, as illustrated in Table 1. Primarily, two factors have contributed to this shift: the inability of the US defence industrial ecosystem to keep up with the supply-demand curve and South Korea’s ability to fill this demand at an affordable and fast pace. Earlier, the US was the major supplier of defence equipment to Europe; however, with its defence industrial ecosystems unable to fill the demand for all countries, South Korea was able to fill the vacuum, catering to the rising demand gap and emerging as a trusted partner.
Table 1: European Defence Expenditure and South Korea’s exports to the region
S.No | Military Expenditure in Europe (USD billions) | Europe’s Share in Global Military Spending (percentage) | Military Expenditure in Central and West European Countries (USD billions) | South Korea Defence Exports (USD billions) | ||
Western Europe | Central Europe | Eastern Europe | ||||
2019 | 356 | 19 | 251 | 31.5 | 74 | 2.97 |
2020 | 378 | 19 | 273 | 33.6 | 71.7 | 3.08 |
2021 | 418 | 20 | 305 | 36.6 | 76.3 | 7.25 |
Post-Russian Invasion of Ukraine, 24 February 2022 | ||||||
2022 | 480 | 21 | 345* | 135 | 17.3 | |
2023 | 588 | 24 | 407* | 181 | 14 |
Source: Made by the Author from SIPRI Trends in World Expenditure Report 2019, 2020, 2021, 2022, 2023, and Statista.
*The Data for years 2022 and 2023 for western and Central European countries are collated