Defense Acquisition Minister Seok Jong-gun speaks meeting with reporters at the Defense Acquisition Program Administration headquarters in Gwacheon, Gyeonggi Province, late Tuesday. (Yonhap)

GWACHEON, Gyeonggi Province -- South Korea’s defense acquisition minister said the upcoming US administration under returning President Donald Trump could be an opportunity for the country’s defense industry.

Seok Jong-gun, who heads the Defense Acquisition Program Administration in charge of arms exports, told reporters Tuesday that Trump decreasing support to US allies could open up a new market for South Korean defense companies to explore.

The minister said he sees Trump presidency as “both a challenge and an opportunity.”

“Suppose Trump asks allies to take care of their own defense. NATO may need to make up for the gap left by the US reducing support, and our defense industry could very well be one of the favored candidates as arms supplies,” the minister said.

On Trump and his allies proposing to freeze or end the war in Ukraine, Seok said he did not think that would necessarily lead to a fall in demand for South Korean weapons.

“Wars break out all the time, as we have seen with what happened to Ukraine. The need for weapons and military supplies could continue to grow for some time,” he explained.

The minister noted Trump’s remarks on possibly expanding cooperation with South Korea in shipbuilding during a congratulatory phone call from President Yoon Suk Yeol soon after his re-election.

The US president-elect was quoted as telling Yoon he was aware of South Korean expertise in shipbuilding and naval construction capabilities.

The minister said Trump was likely to want South Korean defense companies to base their production facilities in the US. “That could be risky for the company if the US administration changes,” he added.

“Our shipbuilders stand out among competitors to fare well in export markets,” he said.

Seok served as the Joint Chiefs of Staff’s chief directorate of strategy and plans before he was appointed head of the defense industry agency in February.