By John Lee.
The Iraqi Ministry of Defense has signed a contract with a South Korean company to supply advanced medium-range air defense batteries. It said the new defense system will bolster Iraq's military capabilities, ensuring better protection of its airspace and contributing to regional stability.
While the lengthy statement from the Ministry gave no details of the company, the contract size, or the type of system purchased, South Korea's LIG Nex1 stated in a regulatory filing that it had secured a contract with the Iraqi Ministry of Defense to supply M-SAM (Cheongung-II) missiles (pictured below).
It withheld the terms and conditions of the contract for security reasons, but confirmed the that contract was valued at KRW 3,713.5 billion [$2.8 billion].
(Sources: Iraqi Ministry of Defense, Korean Stock Exchange)
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