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According to Yonhap News,
SEOUL, April 16 (Yonhap) -- South Korea will extend support for local defense firms to develop key components of major weapons with indigenous technologies to boost the defense industry and create more jobs, the arms procurement agency said Thursday.
The Defense Acquisition Program Administration (DAPA) designated 11 ongoing military hardware development projects, and began receiving applications from local firms Thursday to replace their foreign-made parts with indigenous ones.
Those subject to the assistance program include the KF-X project that aims to develop a next-generation fighter jet, and the one to build a light armed helicopter (LAH).
Around 30 billion won (US$24.42 million) will be earmarked to support the chosen companies over the next five years, DAPA said, adding that the winners will be announced in June.
"South Korea enacted a law in February designed to nurture local arms industries. We will continue backing competitive local defense companies and to create more jobs," DAPA chief Wang Jeong-hong said.
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Source: Yonhap News (Apr. 16, 2020)