► In August last year, Peter Lee and I argued that South Korean defence industry had emerged as a viable 'third option' for many European and Indo-Pacific countries seeking to bolster their deterrence capabilities in the near term.
► In the 15 months since, South Korean defence companies have continued their success, securing several other lucrative deals with key countries in Europe, the Middle East, and the Indo-Pacific. However, they have also encountered setbacks in countries which have reappraised their force requirements or have taken issue with elements of specific defence deals.
► Evidence from these developments suggests that while demand for flagship land systems like tanks and howitzers remains high among developing militaries, South Korea may need to think more creatively, strategically, and with a longer-term view when it comes to building durable defence industry relationships, especially with key Indo-Pacific maritime security partners like Australia.