LIG Nex1 held a ceremony in Riyadh, the capital of Saudi Arabia, on the 14th (local time) and announced on the 18th that it has relocated and expanded its local office in Saudi Arabia. This is interpreted as a strategy to strengthen its export competitiveness focused on the Middle East and enhance its global business capabilities. LIG Nex1's local office has provided customized solutions and research and development, as well as after-sales support.
The Middle East is a region that shows high interest in advanced weapons systems such as the Long-range Surface to Air Missile System (L-SAM). Last year, LIG Nex1 signed a contract with the Ministry of National Defense of Iraq for the supply of Cheongung-II worth 3.7135 trillion won, and in 2023, it entered into a contract with Saudi Arabia for the supply of Cheongung-II worth 4.25 trillion won.
A representative of LIG Nex1 noted, "Collaboration with local customers such as those in Saudi Arabia will become much smoother," adding, "We will further solidify our position in the Middle East market through continuous business expansion and localization strategies."