LIG Nex1 Secures Pioneering Missile Defense Agreement with Iraq
South Korea’s LIG Nex1 has secured a significant contract with Iraq to supply mid-range surface-to-air missile defense systems. This agreement, valued at approximately $3 billion, marks yet another remarkable milestone for the company in the global defense sector.
This partnership follows a similar arrangement with Saudi Arabia earlier this year, which involved the export of the same missile defense system, known as M-SAM II or Cheongung II.
This latest contract facilitates the expansion of this Korean-developed defense technology, with four nations now implementing the system.
The announcement has positively impacted LIG Nex1’s share price, as investors express optimism regarding the firm’s broadening international presence in the defense market.
This deal emphasizes South Korea’s growing prominence as a global arms distributor, partly driven by the ongoing conflicts in Ukraine.
