Latest news with #Cheongung-II
Korea Herald
a day ago
- Business
- Korea Herald
Economic impact of defense projects by state agency estimated at 69.7b won
The economic impact of weapons systems developed by the Agency for Defense Development since its establishment was estimated at 69.7 billion won ($50.3 million), a report showed Monday. The amount was calculated based on the value of 303 weapons systems, including 146 deployed by the military, developed by the state-run institution since its establishment in 1970, according to the report published on the occasion of the ADD's 55th anniversary. Among the weapons systems developed by the ADD were the Cheongung-II medium-range surface-to-air missile system and the K9 self-propelled howitzer, which were the two most-exported products in terms of amount. Weapons systems researched and developed by the ADD accounted for 43 percent of South Korea's overseas defense exports, which totaled around 60 trillion won from 2008-2025, according to the report. South Korea's defense technologies were assessed to be the world's eighth most advanced as of last year, according to a separate government report. (Yonhap)
Hans India
2 days ago
- Business
- Hans India
Defence firms report strong H1 earnings on large export deals in S. Korea
Seoul: South Korea's major defence firms reported record earnings in the first half of the year on the back of massive arms export deals, industry data showed on Sunday. The combined operating profits of five leading defence firms -- Hanwha Aerospace Co., LIG Nex1 Co., Korea Aerospace Industries (KAI), Hyundai Rotem Co. and Hanwha Systems Co. -- reached 2.3 trillion won for the January-June period, up 161.2 percent from 880.7 billion won a year ago, according to the data from regulatory filings and financial reports. The figure already represents 79.9 percent of their full-year operating profit of 2.88 trillion won in 2024, reports Yonhap news agency. Their combined sales nearly doubled to 19.2 trillion won from 9.9 trillion won a year earlier. Industry leader Hanwha Aerospace posted a record 1.43 trillion-won operating profit for the first half, quadrupling from 355 billion won, while its sales more than tripled to 11.8 trillion won. LIG Nex1's operating profit soared 64.6 percent on-year to 191.2 billion won for the six-month period, with its sales jumping 35.4 percent to 1.9 trillion won. KAI posted 132 billion won in operating profit, up 7.9 percent, but its sales fell 6.4 percent to 1.5 trillion won. Hyundai Rotem saw its operating profit surge 192.4 percent on-year to 460.4 billion won, with 2.6 trillion won in sales, up 40 percent. Hanwha Systems, meanwhile, reported a 29.5 percent drop in operating profit to 91.6 billion won, but sales rose 18.4 percent to 1.5 trillion won. Industry officials attributed the robust first-half results to strong overseas demand amid heightened geopolitical risks in the Middle East and Europe. Hanwha Aerospace saw its second-quarter overseas sales jump 43 percent from a year earlier, buoyed by increased exports of defense systems, such as the Chunmoo multiple rocket launcher. Hanwha Systems' second-quarter sales rose 11.8 percent, boosted by deliveries of multi-function radars (MFR) used in the Cheongung-II medium-range surface-to-air missile system to the United Arab Emirates and Saudi Arabia. KAI posted 227.3 billion won in overseas sales for the second quarter due to exports of FA-50 fighter jets to Poland and Malaysia. With a combined order backlog of 111.9 trillion won, market watchers expect the defence firms' growth momentum to continue in the second half. "With continuous overseas orders for flagship products and deliveries, we have a positive outlook for the second half of the year and beyond," an industry official said on condition of anonymity.
Korea Herald
28-07-2025
- Business
- Korea Herald
South Korea deploys upgraded Cheongung defense system
South Korea has successfully deployed its enhanced air defense system capable of striking down ballistic targets, the state arms procurement agency said Monday. The first batch of the new Cheongung-II system, upgraded from the Cheongung-I, has been successfully deployed to the South Korean military and is projected to be fully installed and in operation by 2027, according to the Defense Acquisition Program Administration. The upgraded system is effective against both aircraft and ballistic targets and is designed to intercept incoming missiles at altitudes of 15 kilometers and ranges of 40 km. It is equipped with a high-performance multi-function radar and improved interceptor missiles. The new system is also known as M-SAM 2 to distinguish it from Cheongung-I, the first locally developed surface-to-air missile system in South Korea. The Cheongung-I system focuses on striking a hostile aircraft at an altitude of up to 40 kilometers. DAPA said that a total of 645 billion won ($467 million) was invested in the project to upgrade the air defense system. The upgrade project helped them to significantly save costs, compared to deploying new air defense systems, the agency noted. In 2024, South Korea exported 10 Cheongung-II missile defense systems to Saudi Arabia under a $3.2-billion deal. The Cheongung-II system has been previously sold and exported to the United Arab Emirates in 2022 under a separate $3.5 billion deal.
Shafaq News
08-07-2025
- Business
- Shafaq News
US backs Iraq ties as radar deal nears
Shafaq News – Baghdad/Washington Washington and Baghdad maintain a 'strong partnership based on shared interests,' despite recent remarks by Iraqi Prime Minister Mohammed Shia al-Sudani warning that unresolved disagreements could undermine bilateral relations, the US State Department (DoS) affirmed on Tuesday. Responding to Shafaq News inquiries, a DoS spokesperson said that Iraq 'plays an important role in ensuring regional stability,' and that the US continues to work with Iraq 'on counterterrorism, economic growth, and other joint concerns,' while stressing respect for Iraqi sovereignty and mutual priorities. The spokesperson also addressed reports that Iraq is expediting a major radar procurement deal with South Korea, saying, 'As a sovereign country, Iraq is responsible for its security and has chosen to partner with the US on strengthening several aspects of its security.' Earlier this week, Prime Minister al-Sudani told the BBC that ongoing disagreements with Washington could escalate to a point that "undermines the relationship." He also revealed that Iraq is moving quickly to finalize a defense agreement with South Korea to acquire advanced radar systems. According to sources familiar with the deal, Iraq is in the final stages of signing a contract worth approximately $2.8B for the purchase of 'Cheongung-II' (M-SAM II) medium-range air defense batteries, which include launchers, radars, and fire control systems. The objective is to achieve comprehensive coverage of Iraqi airspace. Iraq's current air defense capability remains limited following years of degradation since 2003. It primarily relies on long-range AN/TPS-77 radar systems and a small number of short-range platforms, which defense experts say are inadequate for full national coverage and leave operational gaps. Baghdad's move to diversify its defense suppliers comes amid heightened tensions in the region following a surge in hostilities between Iran and Israel, prompting Iraqi authorities to explore advanced systems to bolster both early warning and interception capabilities.
Shafaq News
05-07-2025
- Politics
- Shafaq News
Iraq bolsters air defense: Korean missiles and French radars expected soon
Shafaq News – Baghdad Iraq's Ministry of Defense confirmed, on Saturday, that its air defense modernization program is moving forward without delays. Tahseen Al-Khafaji, the Ministry's Director of Media and Moral Guidance, told Shafaq News that Iraq will soon receive an advanced Korean air defense system along with modern radar technology secured through a French partnership. 'Our upgrades for air defense, Army Aviation, and Air Force units are on schedule, with strong backing from the Commander-in-Chief [Prime Minister Mohammed Shia al-Sudani],' Al-Khafaji noted. In September 2024, Iraq signed an agreement with South Korea's LIG Nex1 to acquire the Cheongung-II medium-range system, which includes launchers, multifunction radar, and command infrastructure, making Iraq the third country in the Middle East to obtain the platform after the UAE and Saudi Arabia. Earlier this week, US State Department spokesperson Tammy Bruce told our agency that Washington is reviewing recent statements by al-Sudani and reports of Baghdad's plans to expedite a radar system deal with South Korea. Her comments followed recent developments in Baghdad's defense policy, with Iraqi lawmakers confirming that negotiations are underway with several countries— including the United States, France, and South Korea— to acquire advanced air defense and radar systems. In a recent interview with the BBC, al-Sudani reiterated Iraq's commitment to balanced foreign relations, emphasizing that both Iran and the United States recognize the importance of Iraq's stability. However, he acknowledged persistent disagreements with Washington, warning that tensions 'could reach the point of undermining the relationship.'
