Iraq’s possible purchase of 250 K2 Black Panther tanks could become one of the largest recent armored vehicle contracts on the international market.
According to South Korean brokerage Kiwoom Securities, Hyundai Rotem is in advanced talks with Baghdad on a modernization program to replace aging armored vehicles. According to market expectations, the agreement, estimated at around 6.5 billion US dollars, could be officially concluded even this year, although there is no official confirmation yet.
Iraq’s interest is part of Hyundai Rotem’s broader strategy to diversify export targets beyond Poland, currently K2’s largest customer. The company is also in talks with Peru, Romania and Saudi Arabia, reflecting growing international demand for South Korea’s land-based combat systems. These talks follow large-scale deliveries of the K2 to Poland, which served as a showcase for the vehicle in the European market.
In the case of Peru, a framework agreement was already signed last December for the purchase of 54 K2 tanks and 141 wheeled armored vehicles, worth about 2 billion US dollars. Romania, on the other hand, has allocated about 7.6 billion US dollars for a new generation tank program, which envisages the acquisition of 216 units, and in which the K2 is considered one of the main candidates alongside Western projects.
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Despite the favorable foreign outlook, Kiwoom warns that Hyundai Rotem will face cost pressure in the short term due to the initial phase of the newly contracted production lots. However, these expenses are expected to decrease as the assembly line stabilizes, allowing the company to strengthen its presence in Europe, the Middle East and Latin America with the K2 equipped with a 120mm gun, advanced fire control systems and optional active protection for high-intensity operations.
🚨🇰🇷🇮🇶 Iraq Moves to Buy 250 K2 Tanks from South Korea.
Iraq is reviewing the acquisition of up to 250 K2 Black Panther main battle tanks from South Korea to replace aging armored vehicles.
Hyundai Rotem is also in talks with Peru, Romania, and Saudi Arabia for K2 tank exports,… pic.twitter.com/fW9gwcJ3Yn
— Defence Index (@Defence_Index) January 22, 2026
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