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Korea Herald
a day ago
- Business
- Korea Herald
Will NATO's new spending target be boon to S. Korea's defense exports?
Expectations are rising that South Korean defense firms will emerge as key beneficiaries of Europe's expanding defense spending, with much of the optimism attributed to the country's proven capacity to meet NATO's surging procurement demands. Speaking Thursday after returning from the NATO summit in The Hague, national security adviser Wi Sung-lac said, 'With NATO moving to raise its defense spending from around or even below 2 percent to 5 percent of GDP (gross domestic product), demand is bound to surge — and that means there's significant room for cooperation. South Korea is one of the few countries capable of meeting that growing demand.' Wi attended the summit on behalf of President Lee Jae Myung, delivering Lee's letter expressing Seoul's strong commitment to deepening defense industry cooperation with the alliance. NATO Secretary-General Mark Rutte welcomed the message and reaffirmed NATO's willingness to strengthen ties with South Korea, according to Wi. The strengthening of ties between South Korea and NATO came amid the trans-Atlantic alliance's broader efforts to boost defense spending to historic levels. At the summit in The Hague, NATO members adopted a joint communique agreeing to raise defense budgets to 5 percent of gross domestic product by 2035, more than double the alliance's previous 2 percent guideline. Of the new target, 3.5 percentage points will go toward traditional defense expenditures such as weapons procurement and personnel, while the remaining 1.5 percentage points will support military infrastructure, including cyber defense, logistics and artificial intelligence-enabled systems. According to the International Institute for Strategic Studies, European defense spending climbed 11.7 percent year-on-year to $457 billion in 2024. If the 5 percent NATO target is met, that figure could surge to $800 billion — vastly expanding the market for suppliers like South Korea. One expert noted South Korea is already well-placed to take advantage of NATO's growing defense spending, attributing this to its long-standing military investments — widely seen as a response to persistent security threats from North Korea. 'Unlike many countries that scaled back military investment after the Cold War, South Korea has continuously built up its capabilities,' said an analyst at the Korea Institute for Defense Analyses, who declined to be named. 'That long-standing commitment has resulted in field-tested, export-ready systems — giving Korean firms a clear edge in responding to Europe's urgent defense needs.' Local defense firms are also viewing Europe's expanded defense budgeting as a major opportunity to scale up exports and solidify their foothold in the region, while saying South Korea's defense industry is capable of doing so. 'South Korea's strength lies in its mass production capabilities. It will likely take European manufacturers four to five years to rebuild that level of capacity, so this spending increase represents a major opportunity for us,' said an official at a Korean defense firm. According to the official, South Korean firms are well-prepared to meet the surge in demand, thanks to ongoing efforts to localize production in response to increased demand following Russia's invasion of Ukraine. Hanwha Aerospace, for example, is expanding artillery exports and building production lines in Poland and Romania, LIG Nex1 is preparing to open its first European office in Germany and Hyundai Rotem is nearing a $6 billion deal with Poland to supply 180 additional K2 tanks. Riding on the uptrend in defense exports, South Korea and NATO agreed this week to create a bilateral consultative body to facilitate regular dialogue on defense industry cooperation. Wi said the new platform will support greater interoperability through defense standardization and enable deeper coordination in NATO's High-Visibility Project — a multilateral initiative for the joint development and procurement of next-generation capabilities. 'If we achieve a higher level of standardization, it will create a better environment for exports and deeper cooperation,' Wi said. 'The new consultative body aims to accelerate this process.'
Gulf Today
2 days ago
- Business
- Gulf Today
Nato defence spending hike to deter Russia, Trump tells Zelensky
President Donald Trump met with Ukrainian leader Volodymyr Zelensky on the sidelines of the Nato summit on Wednesday and suggested that increased spending by the trans-Atlantic alliance could help prevent future Russian aggression against its neighbors. Nato members agreed to raise their spending targets by 2035 to 5% of gross domestic product annually on core defence requirements as well as defense-and security-related spending. That target had been 2% of GDP. 'Europe stepping up to take more responsibility for security will help prevent future disasters like the horrible situation with Russia and Ukraine,' Trump said at the summit-ending news conference shortly after seeing Zelensky. 'And hopefully we're going to get that solved.' Trump also reiterated his belief that Russian President Vladimir Putin wants to end the war in Ukraine that began with Moscow's invasion in February 2022. 'He'd like to get out of this thing. It's a mess for him,' Trump said. 'He called the other day, and he said, 'Can I help you with Iran?' I said, 'No, you can help me with Russia.'' Trump's meeting with Zelensky was their first face-to-face session since April when they met at St. Peter's Basilica during Pope Francis' funeral. Trump also had a major confrontation with Zelensky earlier this year at the White House. Zelensky, in a social media post, said The Hague talks were substantive and he thanked Trump for the US assistance. 'We discussed how to achieve a ceasefire and a real peace. We spoke about how to protect our people. We appreciate the attention and the readiness to help bring peace closer,' Zelensky added. Trump left open the possibility of sending Kyiv more U.S.-made Patriot air defense missile systems. Asked by a Ukrainian reporter, who said that her husband was a Ukrainian soldier, Trump acknowledged that sending more Patriots would help the Ukrainian cause. 'They do want to have the antimissile missiles, OK, as they call them, the Patriots,' Trump said. 'And we're going to see if we can make some available. We need them, too. We're supplying them to Israel, and, they're very effective, 100% effective. Hard to believe how effective. They do want that more than any other thing.' Over the course of the war, the US has routinely pressed for allies to provide air defense systems to Ukraine. But many are reluctant to give up the high-tech systems, particularly countries in Eastern Europe that also feel threatened by Russia. Trump laid into the US media throughout his news conference but showed unusual warmth toward the Ukrainian reporter. 'That's a very good question,' Trump said about the query about Patriots. 'And I wish you a lot of luck. I mean, I can see it's very upsetting to you. So say hello to your husband.' Ukraine has been front and center at recent Nato summits. But as the alliance's latest annual meeting of leaders opened in the Netherlands, Zelensky was not in the room. The Trump administration has blocked Ukraine's bid to join Nato. The conflict with Russia has laid waste to Ukrainian towns and killed thousands of civilians. Just last week, Russia launched one of the biggest drone attacks of the war. During Trump's 2024 campaign for the White House, the Republican pledged a quick end to the war. He saw it as a costly boondoggle that, he claimed, would not have happened had he won reelection in 2020. Since taking office in January, he has struggled to find a resolution to the conflict and has shown frustration with both Putin and Zelensky. Zelensky spent Tuesday in The Hague shuttling from meeting to meeting. He got a pledge from summit host the Netherlands for military aid, including new drones and radars to help knock out Russian drones. British Prime Minister Keir Starmer announced that the United Kingdom will provide 350 air defense missiles to Ukraine, funded by 70 million pounds ($95 million) raised from the interest on seized Russian assets. Associated Press
Yomiuri Shimbun
2 days ago
- Politics
- Yomiuri Shimbun
Trump Meets with Zelenskyy and Says Higher NATO Defense Spending May Deter Future Russian Aggression
THE HAGUE, Netherlands (AP) — President Donald Trump met with Ukrainian leader Volodymyr Zelenskyy on the sidelines of the NATO summit Wednesday and suggested that increased spending by the trans-Atlantic alliance could help prevent future Russian aggression against its neighbors. NATO members agreed to raise their spending targets by 2035 to 5% of gross domestic product annually on core defense requirements as well as defense-and security-related spending. That target had been 2% of GDP. 'Europe stepping up to take more responsibility for security will help prevent future disasters like the horrible situation with Russia and Ukraine,' Trump said at the summit-ending news conference shortly after seeing Zelenskyy. 'And hopefully we're going to get that solved.' Trump also reiterated his belief that Russian President Vladimir Putin wants to end the war in Ukraine that began with Moscow's invasion in February 2022. 'He'd like to get out of this thing. It's a mess for him,' Trump said. 'He called the other day, and he said, 'Can I help you with Iran?' I said, 'No, you can help me with Russia.'' Trump's meeting with Zelenskyy was their first face-to-face session since April, when they met at St. Peter's Basilica during Pope Francis' funeral. Trump also had a major confrontation with Zelenskyy earlier this year at the White House. Zelenskyy, on social media, said he discussed with Trump the possibility of Kyiv producing drones with American companies and buying U.S. air defense systems. 'We can strengthen each other,' he wrote. He said he also talked to Trump about 'what is really happening on the ground.' 'Putin is definitely not winning,' Zelenskyy said. Trump left open the possibility of sending Kyiv more U.S.-made Patriot air defense missile systems. Asked by a Ukrainian reporter, who said that her husband was a Ukrainian soldier, Trump acknowledged that sending more Patriots would help the Ukrainian cause. 'They do want to have the antimissile missiles, OK, as they call them, the Patriots,' Trump said. 'And we're going to see if we can make some available. We need them, too. We're supplying them to Israel, and they're very effective, 100% effective. Hard to believe how effective. They do want that more than any other thing.' Over the course of the war, the U.S. has routinely pressed for allies to provide air defense systems to Ukraine. But many are reluctant to give up the high-tech systems, particularly countries in Eastern Europe that also feel threatened by Russia. Trump laid into the U.S. media throughout his news conference but showed unusual warmth toward the Ukrainian reporter. 'That's a very good question,' Trump said about the query about Patriots. 'And I wish you a lot of luck. I mean, I can see it's very upsetting to you. So say hello to your husband.' Ukraine, which is not a NATO member, has been front and center at recent alliance summits. But as the group's latest annual meeting of leaders opened in the Netherlands, Zelenskyy was not in the room. The Trump administration has blocked Ukraine's bid to join NATO. The conflict with Russia has laid waste to Ukrainian towns and killed thousands of civilians. Just last week, Russia launched one of the biggest drone attacks of the war. During Trump's 2024 campaign for the White House, the Republican pledged a quick end to the war. He saw it as a costly boondoggle that, he claimed, would not have happened had he won reelection in 2020. Since taking office in January, he has struggled to find a resolution to the conflict and has shown frustration with both Putin and Zelenskyy. Zelenskyy spent Tuesday in The Hague shuttling from meeting to meeting. He got a pledge from summit host the Netherlands for military aid, including new drones and radars to help knock out Russian drones. The White House did not allow press coverage of Zelenskyy's nearly hourlong meeting with Trump. British Prime Minister Keir Starmer announced that the United Kingdom will provide 350 air defense missiles to Ukraine, funded by 70 million pounds ($95 million) raised from the interest on seized Russian assets.
Japan Today
3 days ago
- Politics
- Japan Today
Trump meets with Zelenskyy and says higher NATO defense spending may deter future Russian aggression
President Donald Trump speaks during a media conference at the NATO summit in The Hague, Netherlands, Wednesday, June 25, 2025. (AP Photo/Geert Vanden Wijngaert) By MIKE CORDER and AAMER MADHANI U.S. President Donald Trump met with Ukrainian leader Volodymyr Zelenskyy on the sidelines of the NATO summit Wednesday and suggested that increased spending by the trans-Atlantic alliance could help prevent future Russian aggression against its neighbors. NATO members agreed to raise their spending targets by 2035 to 5% of gross domestic product annually on core defense requirements as well as defense-and security-related spending. That target had been 2% of GDP. 'Europe stepping up to take more responsibility for security will help prevent future disasters like the horrible situation with Russia and Ukraine,' Trump said at the summit-ending news conference shortly after seeing Zelenskyy. 'And hopefully we're going to get that solved.' Trump also reiterated his belief that Russian President Vladimir Putin wants to end the war in Ukraine that began with Moscow's invasion in February 2022. 'He'd like to get out of this thing. It's a mess for him,' Trump said. 'He called the other day, and he said, 'Can I help you with Iran?' I said, 'No, you can help me with Russia.'' Trump's meeting with Zelenskyy was their first face-to-face session since April when they met at St Peter's Basilica during Pope Francis' funeral. Trump also had a major confrontation with Zelenskyy earlier this year at the White House. Zelenskyy, on social media, said he discussed with Trump the possibility of Kyiv producing drones with American companies and buying U.S. air defense systems. 'We can strengthen each other,' he wrote. He said he also talked to Trump about 'what is really happening on the ground.' 'Putin is definitely not winning,' Zelenskyy said. Trump left open the possibility of sending Kyiv more U.S.-made Patriot air defense missile systems. Asked by a Ukrainian reporter, who said that her husband was a Ukrainian soldier, Trump acknowledged that sending more Patriots would help the Ukrainian cause. 'They do want to have the antimissile missiles, OK, as they call them, the Patriots,' Trump said. 'And we're going to see if we can make some available. We need them, too. We're supplying them to Israel, and, they're very effective, 100% effective. Hard to believe how effective. They do want that more than any other thing.' Over the course of the war, the U.S. has routinely pressed for allies to provide air defense systems to Ukraine. But many are reluctant to give up the high-tech systems, particularly countries in Eastern Europe that also feel threatened by Russia. Trump laid into the U.S. media throughout his news conference but showed unusual warmth toward the Ukrainian reporter. 'That's a very good question,' Trump said about the query about Patriots. 'And I wish you a lot of luck. I mean, I can see it's very upsetting to you. So say hello to your husband.' Ukraine has been front and center at recent NATO summits. But as the alliance's latest annual meeting of leaders opened in the Netherlands, Zelenskyy was not in the room. The Trump administration has blocked Ukraine's bid to join NATO. The conflict with Russia has laid waste to Ukrainian towns and killed thousands of civilians. Just last week, Russia launched one of the biggest drone attacks of the war. During Trump's 2024 campaign for the White House, the Republican pledged a quick end to the war. He saw it as a costly boondoggle that, he claimed, would not have happened had he won reelection in 2020. Since taking office in January, he has struggled to find a resolution to the conflict and has shown frustration with both Putin and Zelenskyy. Zelenskyy spent Tuesday in The Hague shuttling from meeting to meeting. He got a pledge from summit host the Netherlands for military aid, including new drones and radars to help knock out Russian drones. British Prime Minister Keir Starmer announced that the United Kingdom will provide 350 air defense missiles to Ukraine, funded by 70 million pounds ($95 million) raised from the interest on seized Russian assets. Associated Press writers Jill Lawless in London, Katie Marie Davies in Manchester, England, and Molly Quell contributed to this report. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Time of India
3 days ago
- Politics
- Time of India
Trump meets with Zelenskyy, says higher NATO defence spending may deter future Russian aggression
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel President Donald Trump met with Ukrainian leader Volodymyr Zelenskyy on the sidelines of the NATO summit Wednesday and suggested that increased spending by the trans-Atlantic alliance could help prevent future Russian aggression against its members agreed to raise their spending targets by 2035 to 5 per cent of gross domestic product annually on core defence requirements as well as defence-and security-related spending. That target had been 2 per cent of GDP."Europe stepping up to take more responsibility for security will help prevent future disasters like the horrible situation with Russia and Ukraine," Trump said at the summit-ending news conference shortly after seeing Zelenskyy. "And hopefully we're going to get that solved."Trump also reiterated his belief that Russian President Vladimir Putin wants to end the war in Ukraine that began with Moscow's invasion in February 2022."He'd like to get out of this thing. It's a mess for him," Trump said. "He called the other day, and he said, 'Can I help you with Iran?' I said, 'No, you can help me with Russia.'"Trump's meeting with Zelenskyy was their first face-to-face session since April when they met at St. Peter's Basilica during Pope Francis' funeral. Trump also had a major confrontation with Zelenskyy earlier this year at the White in a social media post, said The Hague talks were substantive and he thanked Trump for the US assistance."We discussed how to achieve a ceasefire and a real peace. We spoke about how to protect our people. We appreciate the attention and the readiness to help bring peace closer," Zelenskyy left open the possibility of sending Kyiv more US-made Patriot air defence missile by a Ukrainian reporter, who said that her husband was a Ukrainian soldier, Trump acknowledged that sending more Patriots would help the Ukrainian cause."They do want to have the antimissile missiles, OK, as they call them, the Patriots," Trump said. "And we're going to see if we can make some available. We need them, too. We're supplying them to Israel, and, they're very effective, 100 per cent effective. Hard to believe how effective. They do want that more than any other thing."Over the course of the war, the US has routinely pressed for allies to provide air defence systems to Ukraine. But many are reluctant to give up the high-tech systems, particularly countries in Eastern Europe that also feel threatened by laid into the US media throughout his news conference but showed unusual warmth toward the Ukrainian reporter."That's a very good question," Trump said about the query about Patriots. "And I wish you a lot of luck. I mean, I can see it's very upsetting to you. So say hello to your husband."Ukraine has been front and centre at recent NATO summits. But as the alliance's latest annual meeting of leaders opened in the Netherlands, Zelenskyy was not in the room. The Trump administration has blocked Ukraine's bid to join conflict with Russia has laid waste to Ukrainian towns and killed thousands of civilians. Just last week, Russia launched one of the biggest drone attacks of the Trump's 2024 campaign for the White House, the Republican pledged a quick end to the war. He saw it as a costly boondoggle that, he claimed, would not have happened had he won reelection in 2020. Since taking office in January, he has struggled to find a resolution to the conflict and has shown frustration with both Putin and spent Tuesday in The Hague shuttling from meeting to meeting. He got a pledge from summit host the Netherlands for military aid, including new drones and radars to help knock out Russian Prime Minister Keir Starmer announced that the United Kingdom will provide 350 air defence missiles to Ukraine, funded by 70 million pounds (USD 95 million) raised from the interest on seized Russian assets.
