According to Reuters, South Korea's Hanwha Aerospace said on Wednesday it won a 1.38 trillion won ($1 billion) order from Romania to supply self-propelled howitzers. The deal is Romania's largest arms acquisition deal in seven years and includes 54 K9 howitzers, ammunition and 36 K10 resupply vehicles, South Korea's largest defence company by revenue said. The contract lasts until July 2029, Hanwha Aerospace said. The South Korean arms procurement agency, Defense Acquisition Program Administration, confirmed the details of the deal in a separate statement. Hanwha Aerospace shares rose more than 5% to a record high in early morning trade, versus a 0.1% drop in the wider market. Overseas orders for Hanwha have jumped since Russia's invasion of Ukraine in 2022 as countries sought to bolster their arms with quick, reliable supply, analysts said. Hanwha's land defence business has seen its order backlog swell to about 30 trillion won at the end of March this year from 5.1 trillion won at end-2021. Analysts said South Korean defence firms are able to ship arms quickly with lower costs and provide continual maintenance partly due to the economy of scale from supplying the standing armed forces in South Korea, which is still technically at war with North Korea. Hanwha now holds more than 50% share of the global market for howitzer exports, according to data by NH Investment & Securities. "Given that the end of a war does not mean an end to the growth of defence spending, and that (U.S. presidential candidate Donald) Trump explicitly demanded that NATO and other European countries increase their share of defence costs, opportunities are expected to expand" for South Korean defence firms, said Meritz Securities analyst Lee Ji-ho in a note on Tuesday.
North Bucharest Investments anticipates a surge in international interest in the local real estate market following the launch of the Romanian Golden Visa program — a modern mechanism granting foreign investors a 5-year residence permit and the possibility to later apply for Romanian citizenship. The program, which allows eligible investments starting from €400,000 in real […]
Between October 21-25, Bucharest hosts the Climate Change Summit, the most important event in Central and Eastern Europe dedicated to climate action. The main event will take place on October 21 at the Palace of Parliament, featuring the participation of international leaders, decision-makers, and sustainability experts. CCS Week includes...
The works of several Romanian designers and artists will be on display at the Hôtel de Béhague in Paris, the headquarters of the Romanian Embassy, as part of the exhibition Valuable. The Romanian artists and designers included in the exhibition are Radu Abraham, Mircea Cantor, Bogdan Ciocodeică, Constantin Flondor, Cosmin Florea, Nona Inescu, Șerban Ionescu, […]
SCUT, Romania’s newest cybersecurity company, has officially launched the concept of the digital cyber shield — a unified approach, co-created with Orange Cyberdefense — that provides a high level of protection, complete visibility, and coordinated assistance in the event of a cyberattack. The event, organized in Bucharest, brought together industry experts, partners of the new […]
The Romanian engineering and technology company Simtel (BVB: SMTL) announced on Tuesday, October 14, that one of its companies will open a factory in Băicoi, Prahova, to produce industrial cleaning robots. Simtel has a 51% stake in Agora Robotics, the company that will operate the factory set to open in November. “We already have a […]
Over 50 civic and environmental organizations are calling on the General Council of the Municipality of Bucharest to increase fines for illegal deforestation. At the moment, the fine for the illegal cutting of a tree is only RON 50 (EUR 10), or even RON 25 (EUR 5) if paid within 15 days. The organizations have […]
