[COVER STORY] Debate grows over KAI privatization as Hanwha aims to expand stake

The government’s position on privatizing Korea Aerospace Industries (KAI) remains unclear as Eximbank commissions a 1.8 billion won consulting project and Hanwha seeks to expand its stake. Eximbank and KAI have voiced reservations, while the Fair Trade Commission has highlighted the benefits of competition among major defense companies. The debate weighs the potential global competitiveness of a larger defense company against concerns about concentrated market power and opposition from KAI’s union.

Eximbank owns 26.41 percent of KAI and said it has no current plans to sell its shares, while leaving open the possibility of future changes.

Eximbank selected AT Kearney as the preferred bidder for a project examining ways to strengthen Korea’s aerospace industry and foster global anchor companies.

Hanwha raised its KAI stake to 15.89 percent in August after the FTC approved the acquisition; the Fair Trade Act requires a business combination report for acquisitions of 15 percent or more of a listed company’s shares.

On Oct. 20, KAI CEO Kim Jong-chool said ownership would not change without employee consent and that government approval or oversight could apply if Hanwha’s stake reached a certain level.

KAI union members staged repeated protests in front of Cheong Wa Dae in Seoul on Oct. 20 against a potential ownership change.

Published Oct 28, 2026 2:06 pm KST

Updated Oct 28, 2026 2:11 pm KST

Emergence of stronger defense giant ideal for long-term industrial growth: expert

Korea's first mass-produced KF-21 fighter jet is seen at Korea Aerospace Industries headquarters in Sacheon, South Gyeongsang Province, March 25. Korea Times photo by Wang Tae-seog

The privatization of Korea Aerospace Industries (KAI) could gain momentum as the state-run Export-Import Bank of Korea (Eximbank) commissions a 1.8 billion won ($1.36 million) consulting project and the Fair Trade Commission (FTC) highlights the benefits of stronger competition among major defense companies.

Although Eximbank and KAI have expressed reservations about a change in ownership, KAI’s slower growth compared to its defense industry peers, despite a boom in arms exports, is fueling calls for privatization. Eximbank is KAI’s largest shareholder, with a 26.41 percent stake.

According to Rep. Ahn Sang-hoon of the main opposition People Power Party and other sources, Eximbank recently selected AT Kearney as the preferred bidder for the consulting project and is proceeding with the subsequent steps. The project will examine ways to strengthen Korea’s aerospace industry and foster global anchor companies.

Reports that the project was initiated at the government’s request have also sparked controversy.

On Oct. 20, KAI CEO Kim Jong-chool said the company’s ownership structure would not change without employees’ consent.

“There is no way to prevent Hanwha from buying shares, but given that it is a defense company, I believe government approval or oversight will come into play once its stake reaches a certain level,” Kim said during a National Assembly audit.

“Hanwha’s involvement in management would be difficult in practical terms.”

Kim’s remarks came as KAI union members stepped up their opposition to a potential ownership change, staging repeated protests in front of Cheong Wa Dae in Seoul that day.

During the same parliamentary audit, Eximbank Chairman Hwang Ki-yeon said the state-run lender had “no plans” to sell its KAI shares at present. However, he left open the possibility of future changes, saying it was difficult to make definitive statements about the future.

Korea Aerospace Industries CEO Kim Jong-chool answers questions from reporters during the National Assembly's annual audit in Seoul, Tuesday. Yonhap

However, other government authorities have struck a different tone, raising questions about whether the government has a unified stance on Hanwha’s efforts to expand its stake in KAI.

In August, Hanwha increased its stake in KAI to 15.89 percent, after the FTC approved the acquisition. Under Korea’s Fair Trade Act, companies must file a business combination report when acquiring 15 percent or more of the shares issued by a listed company.

Asked about the approval of Hanwha’s additional share acquisition, FTC Chairman Ju Biung-ghi offered a favorable assessment of the move.

Fair Trade Commission Chairman Ju Biung-ghi attends a press conference at Government Complex Sejong, Sept. 21. Yonhap

“It is beneficial to the national economy for multiple major defense companies to build global competitiveness and compete on an equal footing with foreign companies,” Ju told reporters during a press conference last month.

While Ju did not explicitly endorse a takeover, his remarks suggested a more favorable view of Hanwha’s expanding presence in KAI than those expressed by the heads of Eximbank and the aerospace company.

Hanwha’s potential acquisition of KAI has drawn opposition from stakeholders concerned that combining the two companies could create an unprecedented defense industry giant in Korea.

However, the prospect of building a larger defense contractor capable of competing with global industry leaders is also seen as a major potential benefit of the deal.

Moon Keun-sik, a professor at Hanyang University’s Graduate School of Public Policy and a former submarine captain, said market forces should ultimately determine Hanwha’s potential acquisition of KAI.

He argued that Korea needs to foster globally competitive defense companies capable of standing alongside major international players such as Lockheed Martin.

Hanwha Aerospace's K9 Thunder self-propelled howitzer / Courtesy of Hanwha Aerospace

“Hanwha’s purchase of KAI shares is simply a matter of market logic,” Moon said. “Ultimately, I believe the government may also support Hanwha’s acquisition of a larger stake in KAI for the long-term growth of Korea’s defense industry in global markets.”

Moon said the absence of an explicit government endorsement should not necessarily be interpreted as opposition to the deal. Labor-related concerns, including resistance from KAI’s union, could make it difficult for company management or relevant authorities to publicly signal support for a change in ownership, he added.

The debate centers on whether consolidating Korea’s defense and aerospace capabilities under a larger corporate group would strengthen the country’s global competitiveness or undermine competition by concentrating too much market power in a single player.

“It is time for Korea to build a major defense company capable of competing globally. Blocking share acquisitions and other market-driven transactions runs counter to the direction of the times,” Moon said.

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韩国政府对韩国航空航天工业公司（KAI）私有化的立场仍不明朗，进出口银行委托开展了一项价值18亿韩元的咨询项目，而韩华集团则寻求增持股份。进出口银行和KAI均表达了保留意见，而公平交易委员会则强调了大型国防企业之间竞争的益处。这场辩论的焦点在于，大型国防企业潜在的全球竞争力与市场权力集中以及KAI工会的反对之间存在怎样的权衡。

印度进出口银行持有 KAI 26.41% 的股份，并表示目前没有出售股份的计划，但也不排除未来发生变化的可能性。

韩国进出口银行选择 AT Kearney 作为一项旨在加强韩国航空航天工业并培育全球龙头企业的项目的首选投标人。

韩华在8月份美国联邦贸易委员会批准收购后，将其持有的KAI股份增至15.89%；《公平交易法》规定，收购上市公司15%或以上股份时，需要提交企业合并报告。

10 月 20 日，KAI 首席执行官金钟哲表示，未经员工同意，所有权不会发生变更；如果韩华的股份达到一定水平，则可能需要政府批准或监督。

10月20日，韩国航空工业协会（KAI）工会成员在首尔青瓦台前举行多次抗议活动，反对潜在的所有权变更。

发布于2026年10月28日下午2:06（韩国标准时间）

更新于2026年10月28日下午2:11（韩国标准时间）

专家：更强大的国防巨头的崛起是长期工业增长的理想选择。

3月25日，韩国首架量产型KF-21战斗机在庆尚南道泗川市韩国航空航天工业公司总部亮相。（韩国时报 王泰锡 摄）

随着韩国国营进出口银行（Eximbank）委托开展一项价值 18 亿韩元（136 万美元）的咨询项目，以及公平交易委员会（FTC）强调主要国防公司之间加强竞争的好处，韩国航空航天工业公司（KAI）的私有化进程可能会加速。

尽管印度进出口银行和韩国航空航天工业公司（KAI）对所有权变更表示保留意见，但尽管武器出口蓬勃发展，KAI的增长速度却落后于其他国防工业同行，这加剧了私有化的呼声。印度进出口银行是KAI的最大股东，持有26.41%的股份。

据主要反对党国民力量党议员安相勋及其他消息人士透露，韩国进出口银行近日选定AT Kearney公司为咨询项目的首选竞标方，并正在推进后续步骤。该项目将探讨如何加强韩国航空航天产业并培育全球龙头企业。

有报道称该项目是应政府要求启动的，这也引发了争议。

10月20日，KAI首席执行官金钟哲表示，未经员工同意，公司的所有权结构不会改变。

金在国会听证会上表示：“虽然无法阻止韩华购买股份，但考虑到它是一家国防公司，我相信一旦其持股达到一定水平，政府的批准或监管就会发挥作用。”

“从实际操作层面来看，韩华参与管理会很困难。”

金发表上述言论之际，韩国航空工业协会（KAI）工会成员加大了对潜在所有权变更的反对力度，当天在首尔青瓦台前举行了多次抗议活动。

在同一次国会审计中，印度进出口银行董事长黄基渊表示，该国有银行目前“没有出售其所持韩国航空航天工业公司（KAI）股份的计划”。但他并未排除未来发生变化的可能性，称很难对未来做出明确的表态。

韩国航空航天工业公司首席执行官金钟植周二在首尔出席国会年度审计会议期间回答记者提问。（韩联社）

然而，其他政府部门却采取了不同的态度，质疑政府对于韩华扩大其在韩国航空航天工业公司（KAI）股份的努力是否持有统一立场。

8月，韩华在韩国公平交易委员会批准收购后，将其在韩国航空航天工业公司（KAI）的持股比例增至15.89%。根据韩国《公平交易法》，公司收购上市公司15%或以上股份时，必须提交企业合并报告。

当被问及韩华增持股份的批准情况时，韩国公平交易委员会主席朱炳基对此举给予了积极评价。

9月21日，公平交易委员会主席朱炳基在世宗市政府大楼出席记者招待会。（韩联社）

“多家大型国防企业建立全球竞争力，与外国企业公平竞争，这对国民经济是有利的，”朱在上个月的新闻发布会上对记者说。

虽然 Ju 没有明确表示支持收购，但他的言论表明，他对韩华在韩国航空航天工业公司 (KAI) 不断扩大的影响力持比进出口银行和这家航空航天公司负责人所表达的更为积极的看法。

韩华可能收购韩国航空航天工业公司（KAI）的计划遭到了利益相关者的反对，他们担心两家公司合并后可能会在韩国打造一个前所未有的国防工业巨头。

然而，打造一家能够与全球行业领导者竞争的规模更大的国防承包商的前景也被视为该交易的一项重大潜在好处。

汉阳大学公共政策研究生院教授、前潜艇艇长文根植表示，市场力量最终应该决定韩华是否可能收购韩国航空航天工业公司。

他认为，韩国需要培育具有全球竞争力的国防企业，使其能够与洛克希德·马丁等国际巨头并肩作战。

韩华航空航天公司的K9雷霆自行榴弹炮 / 图片由韩华航空航天公司提供

“韩华收购韩国航空航天工业公司（KAI）股份完全是市场逻辑使然，”文在寅表示。“最终，我相信政府也会支持韩华增持KAI股份，以促进韩国国防工业在全球市场的长期发展。”

文在寅表示，政府未明确表示支持并不一定意味着反对这项交易。他还补充说，劳工方面的担忧，包括韩国航空工会的抵制，可能会使公司管理层或相关部门难以公开表示支持所有权变更。

争论的焦点在于，将韩国的国防和航空航天能力整合到一个更大的企业集团下，究竟会增强韩国的全球竞争力，还是会因为将过多的市场力量集中在一个企业手中而削弱竞争。

“韩国是时候打造一家能够参与全球竞争的大型国防企业了。阻止股权收购和其他市场驱动的交易违背了时代发展的方向，”文在寅说。

韩华收购KAI预示着国防领域将迎来又一次飞跃。

韩国国防出口进入新阶段

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