The deal, signed in Baghdad, on Thursday, involves the export of the domestically developed Cheongung II missile system, capable of intercepting both ballistic missiles and aircraft.
Iraq is the third Middle Eastern country to adopt the Korean air defense system, following the United Arab Emirates (UAE) and Saudi Arabia.
The Cheongung II, also known as the Korean Medium-range Surface-to-Air Missile II (KM-SAM II), was developed by Korea's Agency for Defense Development.
The missile has demonstrated a 100 percent success rate in multiple interception tests. Production of the system began in 2018.
Industry experts note that only a handful of countries worldwide possess the technology to produce such advanced missile systems, which require sophisticated tracking radars and precision seekers for simultaneous multi-target engagement.
"This achievement was possible due to the full support of relevant agencies and close cooperation within the defense industry," Shin Ik-hyun, CEO of LIG Nex1, said. "We will continue our efforts to elevate the status of Korea's defense industry and create growth opportunities for small- and medium-sized defense companies overseas."
