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January 31, 2022

North Korea confirms Hwasong-12 intermediate-range ballistic missile test

The launch was carried out to verify and confirm the missile’s accuracy.

The Democratic People’s Republic of Korea (DPRK) has confirmed the evaluation test firing of its Hwasong-12 intermediate-range ballistic missile (IRBM).

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South Korea’s defense budget is currently valued at $48.3 billion after experiencing impressive and robust annual growth of 10.5% in 2022. Over the forecast period, South Korean defense expenditure is anticipated to register a strong CAGR of 6.3% over 2023-27 and reach $66.2 billion by 2027. The country’s acquisition budget, which includes research and development (R&D) funding, is also anticipated to register significant growth, projected to reach $21.6 billion in 2027, seeing significant rise from the anticipated $17 billion in 2023. South Korean defense spending is continuing to be fueled by the country’s hostile relationship with North Korea, coupled with the need to develop its own domestic industry. If you want to strategize successfully off this growing market, it is important to be fully informed. This report’s key findings include:
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The state-run Korean Central News Agency (KCNA) reported that the test-firing was carried out on 30 January.

It was performed under a plan of the ‘Academy of Defence Science, the Second Economy Commission and other institutions’.

The news agency further noted that the test was intended to ‘selectively evaluate the missile being produced and deployed’, as well as verify and assess the weapon’s ‘accuracy, security and effectiveness’.

The missile was conducted from the country’s northwestern region toward the East Sea of Korea waters.

KCNA added that ‘the Academy made public the earth image data taken from space by a camera installed at the missile warhead’.

The launch of the Hwasong-12 IRBM is said to be the first time since 2017. It is designed to reach the US Pacific territory of Guam.

In response to DPRK Missile Launch​, US Indo-Pacific Command said in a statement: “We are aware of the DPRK’s ballistic missile launch today and are consulting closely with the Republic of Korea (ROK) and Japan, as well as other regional allies and partners.

“The United States condemns these actions and calls on the DPRK to refrain from further destabilising acts.

“While we have assessed that this event does not pose an immediate threat to US personnel, territory, or that of our allies, we will continue to monitor the situation. The US commitment to the defence of the ROK and Japan remains ironclad.”

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Free Report
img

What is driving and impacting South Korea’s Defense Market?

South Korea’s defense budget is currently valued at $48.3 billion after experiencing impressive and robust annual growth of 10.5% in 2022. Over the forecast period, South Korean defense expenditure is anticipated to register a strong CAGR of 6.3% over 2023-27 and reach $66.2 billion by 2027. The country’s acquisition budget, which includes research and development (R&D) funding, is also anticipated to register significant growth, projected to reach $21.6 billion in 2027, seeing significant rise from the anticipated $17 billion in 2023. South Korean defense spending is continuing to be fueled by the country’s hostile relationship with North Korea, coupled with the need to develop its own domestic industry. If you want to strategize successfully off this growing market, it is important to be fully informed. This report’s key findings include:
  • Details on the defense budget
  • Drivers of defense spending
  • Key trends impacting the market
Download the full report so you can formulate winning strategies for the road ahead.
by GlobalData
Enter your details here to receive your free Report.

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