As reported by the Polish
Ministry of State Assets on March 27, 2024, recent discussions between Poland and South Korea have focused on enhancing collaboration within the defense industry, with particular attention to addressing technology transfer challenges. One significant point of discussion has been the partnership between Hyundai Rotem and Polska Grupa Zbrojeniowa SA (PGZ SA) for the
K2PL tank project, highlighting the growing cooperation between the two nations.
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On March 26, 2024, in an interview with
Biznes Alert, General Euiseong Lee, vice president of Hyundai Rotem's defense systems, spoke about Poland's involvement in the manufacturing of the South Korean
K2 Black Panther main battle tank, specifically through the K2PL tank program. General Lee emphasized the project's focus on technology transfer and local production, with plans to manufacture 500 tanks within Poland. The objective is to position Poland as a central hub for South Korean tank production in Europe, thus positioning Polish factories as competitive players in the European tank market.
From an economic perspective, the
K2PL project is anticipated to have a significant impact on the Polish economy, with a Deloitte analysis projecting a USD 60 billion injection. Despite some concerns regarding Polish governmental audits of contracts, General Lee expressed confidence in the project's progress, underscoring Hyundai Rotem's dedication to supporting Poland's security and industrial development.
Further cooperation has been facilitated by recent amendments in South Korean legislation to increase the capital of the state investment bank (EXIM Bank), providing additional financing avenues for Polish arms purchases. This has resulted in a substantial loan from EXIM Bank and commercial banks totaling $16 billion for defense initiatives, aimed at strengthening bilateral cooperation between Poland and South Korea. It's important to note that the Export–Import Bank of Korea, known as Korea Eximbank (KEXIM), is the official export credit agency of South Korea, established in 1976. Its primary function is to support South Korea's export-oriented economy by providing loans and financing for major projects, aimed at facilitating economic cooperation with other nations.
Discussions are ongoing regarding the future increased financial support from the Korean government to the Polish Ministry of Defense, with further negotiations required to finalize the terms of this support, following a framework agreement established in December 2023. A meeting was held on March 25, 2024, at the Polish Financial Supervision Authority's headquarters, attended by key figures such as Kim Joo-hyun, Chairman of the Financial Services Commission of Korea, and Jacek Jastrzębski, Chairman of the Polish Financial Supervision Authority, to enhance collaboration, particularly in the financial sector alongside defense and nuclear collaborations.
