On Tuesday, South Korea's Ministry of National Defence announced that LIG Nex1, a South Korean defense company, has secured a $3.2 billion contract to supply Saudi Arabia with a mid-range surface-to-air missile defense system.

According to the South Korean Ministry, the Ministry of Defence in Saudi Arabia has finalized an agreement to purchase 10 batteries of the Cheongung M-SAM II, a mid-range, medium-altitude interception system. This advanced system is designed to counter both ballistic missile and aircraft threats effectively.

The details of the deal were disclosed on the sidelines of the World Defense Show in Riyadh.

Despite facing intense competition from other major arms-exporting nations, South Korea is determined to enhance its standing as one of the top global arms suppliers. Data from the Defence Ministry indicate a significant rise in South Korea's arms sales, reaching $17 billion in 2022, a notable increase from the previous year's $7.25 billion.

Over the past decade, South Korea has witnessed a significant expansion in its weapons exports to West Asia, with exports to the region soaring nearly tenfold between 2013 and 2022, as reported by the Korea Chamber of Commerce and Industry.

On Sunday, South Korea and Saudi Arabia formally inked a memorandum of understanding to expand defense cooperation. The agreement was announced by Seoul's Defense Acquisition Program Administration (DAPA), reflecting South Korea's strategic interest in securing additional arms sales in the region.

Over the past few years, South Korean companies such as Hanwha, Poongsan, and LIG Nex1 have finalized agreements with Saudi Arabia, amounting to approximately $989 million. These deals include various military equipment, including multiple rocket launchers, ammunition, electro-optical systems, and more. A November report from the London-based International Institute for Strategic Studies (IISS) suggests that additional deals might be in the pipeline.

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