Iraq to acquire air defense systems from South Korea

South Korea's LIG Nex1 announced on Friday that it has received a 3.71 trillion won ($2.8 billion) contract from Iraq to export mid-range surface-to-air missile defense systems.

The company did not disclose additional details about the contract due to confidentiality requirements, News.Az reports, citing foreign media.

The news follows LIG Nex1 winning a $3.2 billion deal to export 10 batteries of the missile systems, called M-SAM II or Cheongung II, to Saudi Arabia, according to South Korea's defence ministry in February.

Shares in LIG Nex1 rose 3.6% in early morning trade, versus the wider market's 0.9% increase.

"This makes four countries that will operate the Cheongung II system, after South Korea, the UAE and Saudi Arabia," said Jeong Dong-ik, an analyst at KB Securities, adding the deal lifts the mid-range missile system's status as one of South Korea's major defence export items.

South Korea has ramped up global defence exports, as Russia's invasion of Ukraine opened the door to sign large-scale contracts from Europe, the Middle East and Asia.

The country aims to become the world's fourth-largest arms exporter by 2027.

News.Az