▲ A plaque of the Defense Acquisition Program Administration, South Korea's arms procurement agency (Yonhap)

arms agency-defense offset programs

Arms agency holds briefing on defense offset programs for mid-sized firms

SEOUL, July 3 (Yonhap) -- The arms procurement agency said Friday it co-hosted a briefing session on defense offset programs with U.S. GE Aerospace to provide business opportunities for mid-sized South Korean companies.

The briefing, held in the central city of Daejeon, was organized to help smaller companies explore potential offset defense deals with the American jet engines provider, the Defense Acquisition Program Administration (DAPA) said.

An offset agreement is a contract widely used in arms procurement, under which a supplier provides economic compensation, investments or technology transfers to its buyer, often a foreign government, to secure a major deal.

More than 90 small and medium-sized defense firms joined the event to explore GE Aerospace's procurement needs and discuss long-term supply and technology partnerships, DAPA said.

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