LIG Nex1 aims to expand global client base to 30 nations by 2030

LIG Nex1 CEO Shin Ick-hyun speaks during LIG Nex1 Global Day at the company's headquarters in Pangyo, Gyeonggi Province, Monday. Courtesy of LIG Nex1

Local defense firm LIG Nex1 plans to expand its global client base to 30 countries by 2030, from the current 11 countries, building on recent successes in the Middle Eastern market, the company announced Monday.

The ambitious plan, which includes a 5 trillion won ($3.75 billion) investment, was unveiled by CEO Shin Ick-hyun during the LIG Global Day event at the company’s Pangyo headquarters in Seongnam, Gyeonggi Province. The gathering, which brought together defense industry officials, academics, investors and reporters, marked the first such event since Shin took office in March.

"Currently, our firm supplies 15 types of weapons systems to 11 countries. While our client base was initially focused in Asia and the Middle East, following the start of the Ukraine war, we were able to enter the Eastern European market," Shin said.

The CEO outlined plans to further grow the firm's multi-layered defense systems in Asia and North Africa, while also targeting the U.S. market with unmanned weapons systems.

Over the next five years, the company’s 5 trillion won investment will focus on enhancing advanced technological capabilities — such as multi-layered air defense systems and unmanned systems — as well as boosting production capacity to strengthen its manufacturing infrastructure, Shin explained.

Through this strategy, LIG Nex1 aims to rank among the top 20 global defense companies by 2030 and expand its international footprint to 30 countries. And by that year, the company seeks to expand its annual sales to 10 trillion won from the current 2.3 trillion won.

The announcement comes as LIG Nex1 continues to grow its presence in the Middle Eastern market, widely seen as a rising market for Korean defense manufacturers.

With Arab nations seeking to modernize their defense capabilities, Korean weapons systems are increasingly being recognized for their proven performance and cost-competitiveness compared to U.S. and European rivals.

A test-firing of the Cheongung surface-to-air guided missile / Korea Times file

Last week, LIG Nex1 signed a 3.7 trillion won contract with Iraq’s defense ministry for its Cheongung-II medium-range surface-to-air missile system. This marks the company’s third export deal exceeding 1 trillion won, following agreements with the United Arab Emirates in 2022 and Saudi Arabia in 2023.

The Cheongung-II, a multi-layered anti-missile system with a 40-kilometer operational range, can intercept incoming missiles at altitudes of up to 15 kilometers. It provides robust defense against hostile aircraft, cruise missiles and ballistic missiles.

Shin noted that this latest deal has helped establish an anti-missile defense network in the Middle East.

"If we can expand this momentum to Asia and North Africa, we will be able to complete a 'K-anti-missile belt,'" he said.

By fulfilling its ambition, LIG Nex1 also highlighted the potential benefits for the domestic defense industry, particularly for small and medium-sized enterprises, through increased export opportunities.

"This will contribute to our nation's goal of becoming the fourth-largest defense exporter," Shin said.

In collaboration with the government and the industry, Korea aims to secure a 5 percent share of the global defense export market by 2027, positioning itself as the world’s fourth-largest defense exporter after the U.S., Russia and France.