S. Korean defense industry secures $42 mln export deal from Middle East through online counseling

By Kim Joo-heon Posted : February 12, 2024, 16:29 Updated : February 12, 2024, 23:54
Courtesy of LIG NEX 1
[Courtesy of LIG NEX 1]

SEOUL -- South Korean companies secured an export deal worth about $42 million through online business counseling before presenting their solutions at a major defense exhibition in the Middle East. After the online consultation, the domestic firms took part in the defense event in Saudi Arabia, with more than 700 exhibitors from over 45 nations.

According to KOTRA, a state-run trade promotion agency, 15 South Korean companies advised 24 Middle Eastern buyers ahead of the "World Defense Show (WDS) 2024" held in Riyadh for five days starting on February 4. A total of 61 business counseling services were provided online by the South Korean side between January 15 and January 19, leading to an export deal worth around $42 million.

"Following this consultation, we will consistently support the export of participating firms in the WDS," a KOTRA official was quoted as saying. "We plan to assist the overseas expansion of small and medium-sized defense companies by coordinating online consultation."

At WDS 2024, South Korea's defense contractor LIG Nex1 displayed Cheongung-II, a medium-range surface-to-air missile system designed to intercept aircraft and ballistic missiles at an altitude of about 15 kilometers (9.3 miles). The weapon can continuously fire up to eight guided missiles from a single launcher and provides a 360-degree response capability to aircraft threats. In November 2023, LIG Nex1 agreed with Saudi Arabia to supply ten units of Cheongung II.

In October 2023, South Korean President Yoon Suk-yeol and Saudi Arabia's Crown Prince Mohammed bin Salman agreed to bolster their bilateral strategic partnership. One of the key topics on the agenda during discussions between Seoul and Riyadh was a military arms provision project, particularly focusing on anti-air defense systems.
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