LIG Nex1 inks $3.2 bn missile defense deal with Saudi Arabia
Dong-Hyun Kim
Feb 07, 2024 (Gmt+09:00)
South Korea's major defense system developer LIG Nex1 Co. has clinched a $3.2 billion deal to export its latest missile interceptor to Saudi Arabia, raising expectations for more similar Korean weapon exports to the Middle East given its push to deter growing militia threats.
South Korea's and Saudi Arabia's defense ministries on Tuesday revealed that LIG Nex1 signed a $3.2 billion contract with the Saudi Ministry of Defense in November to deliver its missile interceptor system called Cheongung II in Korean, meaning "heaven’s bow," to the Middle Eastern country.
This is the second export deal of the missile interceptor system, known as the M-SAM II, in the region, which has emerged as a major export destination of Korean weapons.
LIG Nex1’s M-SAM II system is a mid-range surface-to-air missile system designed to intercept medium-altitude aerial targets at a range of 40 kilometers and an altitude of up to 15 kilometers.
This is an upgrade to the M-SAM system, with enhanced maneuverability boasting a “hit-to-kill” capability against ballistic missiles. A missile of the system is 4 meters long and weighs 400 kilograms.
Dubbed Korea’s Patriot, the newer system boasts a 100% success rate or target hit rate, according to the company. The Patriot is the US Army’s primary air and missile defense system.
The M-SAM II is a core weapons system of the Korea Air and Missile Defense (KAMD), a key pillar of South Korea’s defense system against North Korea’s ballistic missile attacks. Hanwha Systems Co., which makes multi-function radars (MFR) for the M-SAM II system, and Hanwha Aerospace Co., which manufactures the M-SAM II’s launching vehicle, have also joined the latest M-SAM II deal as contractors.
AMBITION TO BE A TOP-TIER GLOBAL ARMS EXPORTER
Korea was the ninth-biggest weapon exporter in the world between 2018 and 2022, according to the global security think tank Stockholm International Peace Research Institute.
Considering more arms deal negotiations are underway, Korea is expected to see this year’s arms exports break the previous record and exceed $20 billion.
LIG Nex1 held an official signing ceremony of its $3.2 billion M-SAM II deal with the Saudi defense ministry on the sidelines of the WDS 2024 on Tuesday.
On Sunday, Korean Defense Minister Shin Won-sik met with Saudi Defense Minister Khalid bin Salman Al Saud and Minister of National Guard Abdullah bin Bandar bin Abdulaziz Al Saud in separate meetings during his visit to the kingdom.
The Korean defense ministry rarely unveils arms sale deals but the latest deal by LIG Nex1 was revealed following the two defense ministers’ meeting.