HunterNet in association with Austrade have been actively looking for potential opportunities in the defence sector for local business in both Japan and South Korea.
The local defence spend in Japan is in excess of $55 billion annually. Since 2014, Japanese spend on defence has been growing, with a focus on foreign equipment as well as access to advanced technologies.
Project Director at HunterNet, Renae Gilford said it is considered that this trend will continue, with Japan’s Prime Minister determine to re-shape and modernise Japans defence capability.
“Scoping visits were undertaken in late 2017 to investigate the local defence industry. What we discovered was there was considerable opportunity across the regions,” Renae said.
“From discussions held with local Austrade personnel during our visit last year, it became evident that the Hunter Region was well regarded for our defence capabilities.”
Similarly, the capital expenditure in South Korea is significant, with South Korea being the tenth largest country in defence expenditure in the world and the fifth largest arms importer. Over the past 10 years, South Korea has increased its spend on defence by 35 per cent and this is set to continue.
“Whilst South Korea will continue to source much of its equipment from the United States, they are increasingly looking for niche suppliers and technologies,” Renae said.
To further investigate defence industry opportunities in each country, HunterNet will be leading a delegation in the latter half of 2018.
“The trade missions will visit both South Korea and Japan. We will coordinate market briefings, introductions to local defence companies and undertake a business matching forum. In South Korea we will also attend DX Korea 2018, which is one of the largest defence trade shows in the region,” Renae said.
This trade mission will follow on from a busy time for the Hunter region’s local defence industry.
“From 30 to 31 August we will be hosting our annual Hunter Defence Conference. This is a unique opportunity for SMEs to collaborate and connect with defence primes,” Renae said.
“We will then head to Land Forces in South Australia on 4 to 6 September where Hunter defence capabilities will be showcased.”
IMAGE | HunterNet is on the lookout for defence opportunities in Japan and South Korea.