South Korea’s LIG Nex1 has secured a significant contract with Iraq to supply mid-range surface-to-air missile defense systems. This deal, valued at nearly $3 billion, marks another major success for the company in the global defense market.
The agreement follows a similar deal with Saudi Arabia earlier this year, which involved the export of the same missile system, known as M-SAM II or Cheongung II.
This latest contract expands the reach of this Korean-made defense technology, with four countries now operating the system.
The news has positively impacted LIG Nex1’s stock price, as investors are optimistic about the company’s growing international presence in the defense sector.
This deal is a testament to South Korea’s increasing prominence as a global arms exporter, driven in part by the ongoing conflict in Ukraine.
Be the first to comment