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South Korea’s defense industry, known as K-defense, is making waves in the global market, challenging European powerhouses like France and Germany. As K-defense expands its reach across Europe, Asia, and North America, Gangwon Special Self-Governing Province is taking bold steps to bolster its local defense sector. On February 10th, officials announced a significant 160% budget increase for the Gangwon Defense Venture Center, aimed at propelling regional companies into the defense industry.
The Gangwon Defense Venture Center is currently seeking new partner companies for 2026. Building on its success of identifying 44 companies last year, the center aims to expand its network to over 60 partner firms this year.
These partner companies will receive a comprehensive support package crucial for breaking into the defense sector. This includes matching military commercialization projects, providing financial backing for product and technology development, and facilitating access to military networks through defense industry professionals.
The center’s support extends beyond initial entry, offering end-to-end assistance throughout the commercialization process. This includes sharing hard-to-access defense technology information, providing management consulting services, and supporting participation in defense exhibitions.
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Gangwon Province is doubling down on its commitment to the defense sector with the introduction of a new Defense Technology Advancement Support Project. This initiative, set to launch in February through Gangwon Techno Park, will focus on nurturing promising companies in strategic defense technologies. The move is part of a broader strategy to position the region as a prime candidate for the Defense Acquisition Program Administration’s defense innovation cluster.
Kim Man-ho, Director of Gangwon Province’s Economic Bureau, emphasized the province’s long-term vision: “Our goal is to create a thriving ecosystem where local businesses can firmly establish themselves in the defense market. This foundation will ultimately lead to attracting a defense innovation cluster, creating a virtuous cycle of growth and innovation.”
The center’s impact is already evident. The 20 companies that partnered with the center last year saw a collective revenue increase of 35% (13.4 billion KRW, approximately 10.05 million USD) compared to pre-partnership figures. Notable achievements include 4.6 billion KRW (approximately 3.45 million USD) in contracts with military units and 5 billion KRW (approximately 3.75 million USD) in research and development projects awarded by the Defense Acquisition Program Administration.
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