Jung Ji-sun, vice chairman of HD Hyundai, will attend the International Maritime Defense Industry Exhibition (MADEX 2025) to be held in Busan next week. Kim Dong-kwan, vice chairman of Hanwha, is also reported to attend this event. As military officials from various countries attend, it's interpreted that the heads are taking a direct approach to strengthen not only South Korea-U.S. defense cooperation but also their networks.
According to the defense industry on the 23rd, Jung Ji-sun, vice chairman of HD Hyundai, will visit the International Maritime Defense Industry Exhibition (MADEX 2025), held at BEXCO in Haeundae, Busan, from the 28th to the 31st. MADEX is held biennially, and it did not take place in 2023. HD Hyundai Heavy Industries will display the KDDX, as well as surface ships and submarines currently operated by the navy, in the domestic exhibition hall, and export models like the offshore patrol vessel in the overseas exhibition hall.
Kim Dong-kwan, vice chairman of Hanwha, also visited the Hanwha Ocean Okpo Shipyard in Geoje, Gyeongnam, in 2023, then checked out the Hanwha Ocean booth at MADEX held at BEXCO in Busan. This year, Hanwha's three defense companies (Hanwha Ocean, Hanwha System, and Hanwha Aerospace) will operate a consolidated exhibition hall, creating the largest booth.
At this year's event, which is expected to be the largest ever, the two groups will focus on strengthening networking with officials from various countries, including the United States, and strive to secure market presence.
This year, over 200 defense companies from 14 countries will participate, setting up 700 booths, and more than 100 foreign delegations from 30 countries will visit. Marking its 14th year, MADEX is the largest domestic maritime defense industry exhibition held biennially since 1999 by the navy, marine corps, and trade association. LIG Nex1, Korean Air, Hyundai Rotem, Poongsan, and others will also participate and set up booths.
HD Hyundai and Hanwha are in fierce competition for the contract of the Korean next-generation destroyer (KDDX) project, also competing in areas such as submarines and unmanned surface vehicles. The KDDX is the first domestic destroyer project to build the hull and Aegis system entirely with domestic technology, with a project cost reaching 7.8 trillion won. The Ministry of Trade, Industry and Energy designated both HD Hyundai Heavy Industries and Hanwha Ocean as defense companies last February. The two companies have also engaged in a legal battle during this process.
Regarding Vice Chairman Jung's schedule for visiting MADEX 2025, an HD Hyundai official noted, "Nothing has been decided yet, and I am not well informed about the schedule." In response to Vice Chairman Kim's visit schedule, a Hanwha official stated, "There is nothing definitively set."