South Korea boosted its arms sales by more than 20 percent last year and has ambitions to become a major weapons exporter, according to a new study. It comes amid frequent ballistic missile tests by arch rival, North Korea.
Research by the Stockholm International Peace Research Institute (SIPRI), released Monday, studied the sales of arms and military services by the world's largest arms-producing and military service companies in 2016. It found that South Korea dominated the "emerging producers" category.
"The trend in this category for 2016 is dominated by the 20.6 percent overall increase in the arms sales of South Korean companies, with total sales amounting to 8.4 billion," SIPRI wrote in a release. Other members of that category were Brazil, India, and Turkey.