South Korea’s Hanwha Group that has revealed a bold ambition to ascend to one of the global top 10 defense companies has opened a branch office in Washington D.C. that will focus to strengthen its network in the world’s largest defense market.

Hanwha announced Wednesday that it has opened its Washington D.C. branch to be headed by Bernard Champoux, former three-star commander of the U.S. Eighth Army in South Korea. Mr. Champoux last year joined Hanwha Techwin Co.’s defense department to take charge of U.S-related projects. Hanwha Techwin is a defense and aircraft engine parts unit of the country’s eighth-largest conglomerate.

With the opening of the D.C. branch, Hanwha Group revealed its goal to join the world’s top 10 defense company club by bolstering its arms sales to more than 12 trillion won ($11 billion) by 2025, the company said in a statement.

Champoux said at the opening ceremony held at Hanwha’s new Washington D.C branch office on Tuesday (local time) that the U.S. defense market is world’s largest and has high entry barriers, but it will offer a big opportunity for Hanwha. More than 70 guests attended the ceremony, according to the company.

The U.S. defense industry attracts major defense players from all over the world, and Washington D.C., near to the headquarters of the Pentagon, is always crowded with arms lobbyists and companies. The U.S. defense market budget amounted $611 billion in 2016, accounting for 36 percent of the world’s total military spending.

Hanwha currently has five defense-related units: Hanwha, Hanwha Aerospace, Hanwha Systems, Hanwha Land Systems, and Hanwha Defense Systems.

Champoux said Hanwha’s new branch will focus to build a strong partnership with global players in Washington D.C. and seek for various business opportunities.

By Moon Ji-woong and Cho Jeehyun

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