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HomeIndiaSaudi Arabia agrees $3.2 bln deal to buy South Korean surface-to-air missile...

Saudi Arabia agrees $3.2 bln deal to buy South Korean surface-to-air missile defence system

South Korean defence agency LIG Nex1 has received a $3.2 billion deal to export a mid-range surface-to-air missile defence system to Saudi Arabia, South Korea’s Ministry of Nationwide Defence mentioned on Tuesday.

The South Korean ministry mentioned that the Saudi defence ministry agreed to purchase 10 batteries of a mid-range, medium-altitude interception system known as Cheongung M-SAM II that may address ballistic missile and plane assaults.

The small print of the deal had been disclosed on the sidelines of the World Protection Present in Riyadh.
A spokesperson for LIG Nex1 couldn’t be reached exterior workplace hours.

South Korea is aiming to raise its place as one of many main arms suppliers globally, even amidst fierce competitors from different main arms-exporting nations. Knowledge from the Defence Ministry revealed a considerable improve in South Korea’s arms gross sales, surging to $17 billion in 2022 from $7.25 billion the earlier 12 months.

Over the previous decade, South Korea has witnessed a major growth in its weapons exports to West Asia, with exports to the area hovering practically tenfold between 2013 and 2022, as reported by the Korea Chamber of Commerce and Business.

South Korea and Saudi Arabia on Sunday signed a memorandum of understanding to increase defence cooperation, Seoul’s Protection Acquisition Program Administration (DAPA) mentioned, as Seoul seems to ink additional arms gross sales within the area.

In recent times, South Korean firms Hanwha, Poongsan and LIG Nex1 concluded offers with Saudi Arabia, collectively value round $989 million, for a number of rocket launchers, ammunition and electro-optical techniques, and extra offers might be within the works, in accordance with a November report by the London-based Worldwide Institute for Strategic Research (IISS).

With inputs from PTI.

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