ISTANBUL

South Korean defense company LIG Nex1 said Friday it has secured a deal with Iraq's Defense Ministry to supply its Cheongung-II medium-range surface-to-air missile defense system, local media reported.

The contract, valued at approximately 3.7 trillion won ($2.78 billion), marks the third export of the Cheongung-II system, Seoul-based Yonhap News Agency reported.

The system, central to South Korea's missile defense strategy, is designed to intercept incoming missiles and aircraft.

It has previously been exported to the United Arab Emirates and Saudi Arabia.

LIG Nex1 CEO Shin Ick-hyun expressed the company's commitment to enhancing the Korean defense industry's global presence and supporting smaller defense firms in international markets.