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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: South Korea weapons sales top $1bln for first time Reuters - 53 minutes ago SEOUL, Dec 29 - South Korea's yearly overseas arms sales topped $1 billion for the first time in 2008, a government agency said on Monday, while officials were quoted as saying the country aims to soon be one of the world's top 10 arms exporters. South Korea's biggest exports in 2008 included self-propelled guns, aircraft and naval vessels with its main customers being Middle Eastern states and ally the United States, the Defence Acquisition Programme Administration said in a statement. South Korea had been increasing its sales to developing countries in Africa and Latin America, the agency said without naming specific buyers. South Korea is looking to sell $3 billion worth of arms by 2012 and be one of the world's top 10 arms exporters in the next few years, Yonhap news agency reported defence officials as saying. The Defence Ministry would not confirm the report. The military is hoping the main drivers in weapons exports will be its next generation K-2 tank and T/A 50 supersonic fighter-trainer developed by its aerospace industry with help from Lockheed Martin Corp <LMT.N>, Yonhap said. "We should think in terms of how much of the market share we take, rather than amounts," it quoted Colonel Lee Hyun-soo, a senior official in the export trade, as saying. Over the past several years, South Korea has sought to improve its weapons technology to boost its deterrence against North Korea, which has a numerical superiority in troops but antiquated weapons systems. The military has found increased opportunities for exports as it has improved its weapons. The two Koreas are technically still at war, never signing a formal peace treaty to end the 1950-53 conflict. (Reporting by Jon Herskovitz and Kim Junghyun; Editing by Nick Macfie) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Sterling extends losses, hits record low vs euroReuters - 15 minutes ago India cbank offers 553.65 bln rupees at special repoReuters - 21 minutes ago Hyundai India says to export 120,000 i20 units in 09Reuters - 23 minutes ago GM supplier Delphi suspends work at China factoryAP - 24 minutes ago Russia's Prokhorov may up RUSAL stake -paperReuters - 25 minutes ago Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Woolworths to close quarter of stores At least 210 dead as Israel hammers Hamas-run Gaza Chances of gas cut '50-50', Russia warns Ukraine Stars of Hollywood, high-tech open wallets for Obama party View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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