South Korea's LIG Nex1 said on Friday it won a 3.71 trillion won ($2.8 billion) order from Iraq to export mid-range surface-to-air missile defense systems.
The defense company did not give any other details of the contract in a regulatory filing, citing confidentiality.
Shares in LIG Nex1 rose 3.6% in early morning trade, versus the wider market's 0.9% increase.
"This makes four countries that will operate the Cheongung II system, after South Korea, the UAE and Saudi Arabia," said Jeong Dong-ik, an analyst at KB Securities, adding the deal lifts the mid-range missile system's status as one of South Korea's major defense export items.
South Korea has ramped up global defense exports, as Russia's invasion of Ukraine opened the door to sign large-scale contracts from Europe, the Middle East and Asia.
The country aims to become the world's fourth-largest arms exporter by 2027.
Meanwhile, Iraq’s Defense Ministry defended a decision to provide the Kurdish Peshmerga with American Howitzers.
Ousted parliament Speaker Mohammed al-Halbousi had denounced the move.
The Ministry explained that the deal to purchase the artillery was signed over seven years ago.
It added that the artillery was only sent to the Peshmerga after the necessary procedures were taken.
It stressed that the Peshmerga is a “national force whose loyalty to Iraq is unquestionable”.
Last week, Halbousi declared that such weapons should only be limited to the Iraqi army. “We have constantly called for boosting the capabilities and power of the military,” he added.
He remarked however, that there were no fears over how the Howitzers will be used, because Kurdistan is “ruled by wise leaders, but concerns lie over the future.”
The pro-Iran Coordination Framework in Iraq also expressed its objection to the delivery of the artillery to the Peshmerga, noting that previous governments were also opposed to the move.
Minister of Peshmerga Affairs Shoresh Ismail had announced in August that the US Defense Department, with the approval of the Baghdad government, had provided the Kurdish forces with heavy artillery.
