Iraq Plans Acquisition of 250 K2 Tanks from South Korea's Hyundai Rotem
Iraq is planning to acquire up to 250 K2 main battle tanks from South Korea's Hyundai Rotem, with a contract valued at approximately $6.5 billion expected to be signed later this year. This move aims to modernize Iraq's aging armored fleet and follows a high-level delegation's visit to Hyundai Rotem's facilities. Additionally, Hyundai Rotem is exploring export opportunities for K2 tanks to countries including Peru, Romania, and Saudi Arabia.
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Iraq is considering the purchase of up to 250 K2 main battle tanks from South Korea's Hyundai Rotem, aiming to replace aging armored vehicles. This potential deal follows a visit by a high-level Iraqi delegation to Hyundai Rotem's production facilities last summer.
A contract valued at approximately $6.5 billion is anticipated to be signed later this year. Additionally, Hyundai Rotem is in discussions to export K2 tanks to Peru, Romania, and Saudi Arabia, as part of efforts to diversify its defense export markets.
A framework agreement with Peru for 54 K2 tanks and 141 armored vehicles was signed in December 2022, valued at about $2 billion. Romania has allocated roughly €6.5 billion for a new tank program, considering the K2 among possible candidates. Despite expected revenue growth, Hyundai Rotem faces short-term cost pressures in defense production.
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