LIG Nex1 Lands Groundbreaking Missile Defense Deal in Iraq
South Korea’s LIG Nex1 has landed a substantial agreement with Iraq to deliver mid-range surface-to-air missile defense systems. This contract, estimated at nearly $3 billion, signifies another significant achievement for the firm in the international defense arena.
The arrangement follows a comparable deal with Saudi Arabia earlier this year, which entailed the export of the identical missile system, referred to as M-SAM II or Cheongung II.
This recent contract enhances the proliferation of this Korean-manufactured defense technology, with four nations now utilizing the system.
The announcement has favorably influenced LIG Nex1’s stock value, as investors show enthusiasm regarding the company’s expanding global footprint in the defense industry.
This arrangement underscores South Korea’s rising stature as an international arms supplier, partly propelled by the ongoing turmoil in Ukraine.
