S Korea unveils plan to boost defense exports

South Korea is looking to increase its annual weaponry exports to $1 billion and create 50,000 new jobs in the sector by 2020, which will be a new growth engine for Asia's fourth largest economy, the Presidential Council for Future & Vision said in a report.

The defense industry here has traditionally relied on domestic demands. Its arms export volume stood at 253 million dollars, a mere 0.5 percent of the world arms market, with 24,000 workers in the industry in 2008, according to data provided by the committee.

Many of the country's weapons companies, whose number was estimated to be 81 as of 2008, are small and mid-sized firms competing with each other in the small domestic market, the committee said.

The committee also called for more research and development efforts in the industry.