Hyundai Wia Corp. signs gun parts export contract with BAE Systems
Category: #business  | By Mateen Dalal  | Date: 2020-08-27 |
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Hyundai Wia Corp. signs gun parts export contract with BAE Systems

Hyundai Wia Corp., a South Korea-based defense firm, has reportedly signed gun parts export contract with BAE Systems plc of worth USD 100 million via a pre-value accumulation system. As per the agreement, Hyundai Wia will supply over 106 types of gun components such as the lever and trunnion support of 5-inch guns to BAE Systems for the next 10 years.

It is to be noted that a pre-value accumulation system generates the economic trade value when a foreign firm initiates a joint venture agreement or an export contract with a local company.

Sources with relevant information stated that this pre-value accumulation system will allow BAE Systems to use this mileage generated through this contract when conducting trade with Korean government in the upcoming years.

Hyundai Wia mentioned in a statement that it has been focusing on producing 5-inch and 76 mm guns, which are the primary artilleries of the Korean navy fleet, using its own technology. The company claims that it successfully bagged orders by being recognized for its quality handling of superior materials and technology.

Hyundai Wia intends to secure businesses with over 10 domestic medium-sized and small enterprises that provide base parts for the shipbuilding modules, sources claimed. This will be in accordance with Win-Win Cooperation Mandatory System and Electric Trade which was introduced in the previous year.

Wang Jeong-hong, Director of Defense Acquisition Program Administration, was reported saying that the introduction of the pre-value accumulation systems enables the domestic defense firm’s exports to be more active.

An official from Hyundai Wia confirmed that they will continue to attain exports to defense industry in the ensuing years by maintaining a supportive relationship with BAE systems.

As per credible sources, the Defense Industry Agency signed a contract with the BAE Systems previous year in a bid to move ahead with its electric trade which offers a certain amount of money while purchasing weapons from the foreign firms.

Source- https://www.hankyung.com/politics/article/202008267879Y

http://www.infostockdaily.co.kr/news/articleView.html?idxno=105843&replyAll=&reply_sc_order_by=I

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal     twitter

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

Read More..

More News By Mateen Dalal

Celcom and Digi unite to drive digitalization for consumers, businesses

Celcom and Digi unite to drive digitalization for consumers, businesses

By Mateen Dalal

Axiata Group Bhd or Axiata and Digi.Com Bhd are anticipating the potential of their proposed merger company, which is expected to be known as Celcom Digi Bhd, for solidifying the capacity to accelerate digitization for businesses, consumers, and the ...

QRCS & WHO offer mental health support to Syrians affected by COVID-19

QRCS & WHO offer mental health support to Syrians affected by COVID-19

By Mateen Dalal

The representation office of the Qatar Red Crescent Society (QRCS) housed in Gaziantep, Turkiye will reportedly deploy three mobile mental health clinics in Syria. Backed by the funding from the World Health Organization (WHO), QRCS will ensure th...

Triple M pursues 1.5 GW of solar & wind energy projects in Egypt

Triple M pursues 1.5 GW of solar & wind energy projects in Egypt

By Mateen Dalal

Triple M is eyeing several projects in Egypt to help them produce electricity using renewable energy sources with a capacity of 1.5 GW inside and outside the country. It would be imperative to note that the projects being pursued by the company sh...