The US is already the single largest buyer of Korean-made weapons, although Seoul imports far more products than it ships to the North American country.

The 2018-2022 forecast said that, in particular, Korea's T-50A is well placed to secure the Advanced Pilot Training project that could be worth some 14 trillion won ($13 billion).

The project aims to replace existing jet trainers like the venerable T-28 Talons with new aircraft. The T-50A is a variant of the T-50 Golden Eagle currently serving in the Korean Air Force and several other militaries around the world.

KIET said if the jet, built with support from Lockheed Martin, is chosen by the United States it will mark a turning point for Korea's aerospace industry.

Besides the supersonic trainer jet, the state-run research institute said Asia's fourth largest economy may be able to export submarines, naval auxiliary ships, self-propelled artillery pieces and guided weapons.

It then said to fuel exports, the country needs to engage in a 5P-plus-1G market strategy to maximize the chance of local products being sold abroad.

The 5Ps are place, product, price, promotion and politics, and the 1G represents government.

It said to further bolster the country's export potential, there is a need to strive for economies of scale to lower unit price, as well as for good coordination between the various government ministries that handle diplomacy, defense and industry.(Yonhap)