LIG Nex1 to work with Romanian state-run defense supplier

South Korea's defense contractor LIG Nex1 Co. will join hands with ROMARM, a Romanian state-run defense company, to develop anti-aircraft missiles and launch local production of them.

LIG Nex1 said on Thursday it had signed an MOU earlier that day in the area of anti-aircraft missiles with Romanian Economy Minister Florin Spataru, ROMARM president Florentina Micu, and LIG Nex1 overseas business unit head Lee Hyun-soo at the Romanian Ministry of Economy building.

With the latest agreement as impetus, LIG Nex1 plans to continue working with ROMARM on the production, technology transfer, and joint development of anti-aircraft missiles.

"I hope that economic cooperation between the companies of the two countries will expand not only to the defense industry but also to the private sector. Please use Romania as an outpost to expand into Europe," said Minister Spataru.

"This agreement also includes provisions related to technology transfer and local production, so it will serve as a foundation for wider economic cooperation between the two countries," said LIG Nex1's Lee Hyeon-soo.

Write to Ik-Hwan Kim at lovepen@hankyung.com