LIG Nex1 wins 3.7 tln-won deal to export missile defense system Cheongung-II to Iraq

LIG Nex1 Co., South Korea's major defense firm, said Friday it has secured a 3.7 trillion-won (US$2.78 billion) contract with Iraq to export its Cheongung-II medium-range surface-to-air missile defense system. The deal was made with Iraq's defense ministry, though specific financial details were withheld for security reasons, according to LIG Nex1's regulatory filing. It is the third export contract for the Cheongung-II system, which is at the center of South Korea's missile defense strategy, designed to intercept incoming missiles and aircraft, primarily as a safeguard against threats from North Korea. Previously, the system was sold to the United Arab Emirates and Saudi Arabia. LIG Nex1 produces the missile and integrated system, while Hanwha Systems Co. supplies the radar, and Hanwha Aerospace Co. manufactures the launchers and vehicles. Source: Yonhap News Agency