SEOUL, Oct. 24 (Yonhap) — South Korean defense companies have signed business contracts worth US$128 million in total during a biennial arms exhibition held south of Seoul last week, its organizers said Sunday.
More than 250 local companies joined the five-day Seoul International Aerospace & Defense Exhibition (ADEX), which ended Saturday. The event marked a rare opportunity for the companies to explore new opportunities in the midst of the COVID-19 pandemic.
In addition to the finalized contracts, local companies had consultations with their foreign clients over potential contracts, which could amount to a combined $22.5 billion if signed, organizers said.
During the exhibition, organizers arranged more than 700 meetings between local firms and foreign governments at the ADEX venue, Seoul Air Base, they said.
The 2021 exhibition involved 440 companies from 28 countries. It marks the largest number of participating firms since the exhibition was launched in 1996.