KRW 3.7 Trillion Scale... 1.6 Times LIG Nex1's Total Sales
The 'Cheongung-II,' a medium-range surface-to-air guided missile system known as the 'Korean version of the Patriot,' will be exported to Iraq. This marks the third major export deal worth trillions of won, following the United Arab Emirates (UAE) and Saudi Arabia.
On the 20th, LIG Nex1 announced that it signed an export contract with the Iraqi Ministry of Defense for Cheongung-II worth 3.7135 trillion won. This amount is equivalent to 1.6 times LIG Nex1's total sales last year.
The Cheongung-II battery consists of four launcher vehicles equipped with eight launch tubes each, along with multifunction radars and a fire control center. The missile and integrated system are produced by LIG Nex1, the radar by Hanwha Systems, and the launchers and vehicles by Hanwha Aerospace. Cheongung-II intercepts ballistic missiles and aircraft flying below an altitude of 40 km, using a warhead with enhanced destructive power that destroys enemy missiles by direct collision.
The system employs cold launch technology, where the interceptor missile is ejected more than 10 meters above the launcher before the rocket motor ignites, and side-thrust technology that rapidly changes the interceptor missile's position during the terminal phase. Cheongung-II incorporates fire control technology for ballistic missile interception, tracking technology of multifunction radars, and precision seekers for simultaneous engagement of multiple targets, making it a core weapon of the Korean Air and Missile Defense (KAMD) system designed to counter North Korean ballistic missiles.
After its initial export to the UAE in 2022, Cheongung-II was exported to Saudi Arabia in February this year, gaining recognition for its technology and reliability in the global air defense market.
LIG Nex1 expects that deploying the advanced Cheongung-II system in the air defense networks of three Middle Eastern countries will increase the possibility of additional exports of long-range and high-altitude interception systems to these nations.
LIG Nex1 explained that exporting cutting-edge guided weapons is a highly challenging market for latecomers to enter, and that the development and export were possible thanks to active government support.
Shin Ik-hyun, CEO of LIG Nex1, said, "This great achievement was possible due to the full support from related organizations such as the Ministry of National Defense, Defense Acquisition Program Administration, Agency for Defense Development, and Defense Technology Quality Institute, as well as close cooperation with partner companies and the defense industry." He added, "We will continue to strive to elevate the status of K-defense and serve as a catalyst for small and medium-sized defense companies to find new growth opportunities overseas."
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