LIG Nex1, the South Korean defense company, is pushing to expand its global footprint following major contract wins in the Middle East that have created a substantial order backlog.
The firm completed what it calls the “K-Air Defense Belt” in the region through contracts with the UAE (3.7 trillion won or approximately US$2.7 billion), Saudi Arabia (4.25 trillion won or US$3.1 billion), and Iraq (3.7 trillion won or US$2.7 billion) between 2022 and 2024.
These deals have helped LIG Nex1 accumulate a seven-year order backlog of 20.1 trillion won (US$14.8 billion), six times its annual sales of 3.3 trillion won (US$2.4 billion).
The company is now targeting the U.S. market with its “Bigung” guided rocket system, which passed the U.S. Department of Defense’s foreign comparative test during last year’s RIMPAC exercise in Hawaii. Malaysia has also shown interest in the “Haegung” ship-to-air missile system, partly due to supply chain disruptions from the Russia-Ukraine conflict.
BNK Investment & Securities researcher Lee Sang-hyun noted that LIG Nex1 secured new orders worth 3.8 trillion won (US$2.8 billion) last year and plans to increase its export countries from 30 to 50, with Bigung orders expected between 2025 and 2027.
