President makes pledge at strategy meeting on fostering new-security innovators at Cheong Wa Dae

President Lee Jae Myung speaks at a strategy meeting on fostering future new-security innovators at Cheong Wa Dae on Friday. [Yonhap]
President Lee Jae Myung speaks at a strategy meeting on fostering future new-security innovators at Cheong Wa Dae on Friday. [Yonhap]

President Lee Jae Myung said Friday that South Korea aims to nurture five companies valued at 1 trillion won ($647 million) or more and 50 companies with annual sales of 100 billion won in the security sector by 2030.

Lee made the pledge at a strategy meeting on fostering future new-security innovators held at Cheong Wa Dae on Friday, saying the government intends to cultivate new-security innovators with cutting-edge, proprietary technologies in AI, drones, cybersecurity and aerospace.

"I think this is a new stage where innovative companies with advantages in speed and agility — ventures, startups and the like — can thrive," Lee said. He added that South Korea must build innovators capable of competing head-to-head with Palantir of the United States, valued at 480 trillion won, and Helsing of Germany, valued at 26 trillion won.

Lee acknowledged, however, that K-defense remains heavily skewed toward large conglomerates and hardware-based weapons systems, and that procurement structures are slow and rigid. Overcoming those shortcomings and emerging as a global leader in new security requires, above all, a national-level effort to foster new-security innovators, he said.

To that end, Lee said the government will introduce innovation-friendly procurement systems in non-defense areas such as aerospace to allow faster purchasing of innovative products and technologies. In the defense sector, he said, the government plans to create a new advanced-technology acquisition system that enables the initial deployment of cutting-edge weapons systems within one year.


sang@heraldcorp.com