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Export Contract for K2 Tanks Worth 9 Trillion Won in Doubt After Martial Law

Written: 2024-12-09 15:30:55Updated: 2024-12-09 16:04:51

Export Contract for K2 Tanks Worth 9 Trillion Won in Doubt After Martial Law

Photo : YONHAP News

In the aftermath of President Yoon Suk Yeol's short-lived emergency martial law declaration last week, uncertainty looms over whether the additional export contract for the K2 Black Panther tanks to Poland, expected to be worth around nine trillion won, or over six-point-two billion U.S. dollars, can be completed within this year.

According to defense industry sources on Monday, Poland, being mindful of South Korea's situation, expressed that it's unnecessary to rush the contract to be concluded by the end of the year.

As part of its follow-up deal, Poland had been in the final stages of negotiating the purchase of 820 additional K2 tanks from Hyundai Rotem, more than four times the size of the first deal, which involved 180 K2 tanks.

With the disruption of the president's ability to perform his current duties, it's anticipated that there will be a prolonged gap in government functions, including diplomacy and trade.

Such developments are expected to negatively impact defense industry exports, which rely heavily on intergovernmental agreements, leading to concerns that related growth may be hindered.

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