February 6 (SeeNews) - Romania’s Romarm, a state-owned military equipment company, signed on Monday a memorandum of understanding (MoU) with South Korea's Hanwha Aerospace for collaboration in the defence and aerospace industries.
On Wednesday, Romania will conclude a MoU with another South Korean company active in the defence sector, economy minister Florin Spataru said during the signing ceremony, without naming that company.
The potential signing of a contract between Hanwha and Romarm is to be decided by Romania's defence ministry, Spataru added.
The Romanian company considers the future export of military equipment manufactured in cooperation with Hanwha to neighboring countries in the European Union as well as countries outside of the EU, he noted.
Hanwha was established in 1977 and is the sole aircraft engine producer in South Korea. The company is active in the aerospace industry by providing gas turbine engines, engine components, aircraft components, and the defence industry by providing navigation systems, lasers, launch vehicles and other types of equipment.
Founded in 2000, Romarm supplies miscellaneous military equipment and ammunition, and provides a range of maintenance services in Romania. According to finance ministry data, Romarm recorded a profit of 1.49 million lei ($332,420/304,050 euro) on a turnover of 131.5 million lei in 2021.
(1 euro=4.9005 lei)