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RFHIC to export US$2.2 mln worth of defense goods to Italy's Leonardo: DAPA | Yonhap News Agency
SEOUL, May 7 (Yonhap) -- South Korean defense firm RFHIC will export about US$2.2 million ...
RFHIC to export US$2.2 mln worth of defense goods to Italy's Leonardo: DAPA
SEOUL, May 7 (Yonhap) -- South Korean defense firm RFHIC will export about US$2.2 million worth of defense components to Italian defense giant Leonardo in line with the signing of an "offset program" agreement, the state arms procurement agency said Wednesday.
The Defense Acquisition Program Administration (DAPA) and Leonardo signed the agreement earlier in the day over South Korea's offset program, which sets certain conditions for foreign companies to meet when they engage in key defense projects.
Under the program, foreign contractors involved in defense deals worth over $10 million must meet conditions, such as technology transfers or the purchase of Korean-made components.
Under the latest agreement, the value of Leonardo's purchases from RFHIC, which specializes in high-tech components, can be recognized for the Italian company's offset requirements in future projects.
DAPA said RFHIC will export about $2.2 million worth of high-power amplifier components to the company thanks to the latest agreement. It did not offer further details of the export deal.
DAPA said it would continue to push for such offset program agreements to support small and medium-sized defense companies.
