The possible purchase of 250 K2 Black Panther tanks from Iraq could become one of the largest recent contracts for armored vehicles on the international market.
According to South Korean brokerage Kiwoom Securities, Hyundai Rotem is in advanced talks with Baghdad as part of a modernization program aimed at replacing older armored vehicles. The market’s expectations are that the agreement, which is estimated at around DKK 6.5 billion. USD, may be formalized as early as this year, even if there is no official confirmation yet.
Iraq’s interest is part of Hyundai Rotem’s wider strategy to diversify its export destinations beyond Poland, which is currently the biggest customer for K2. The company is also in talks with Peru, Romania and Saudi Arabia, reflecting growing international demand for South Korean ground combat systems. These negotiations follow large-scale deliveries of the K2 to the Polish Army, which have served as a showcase for the vehicle in the European market.
In the case of Peru, a framework agreement was already signed in December last year for the purchase of 54 K2 tanks and 141 wheeled vehicles in a total package worth approximately 2 billion. USD. Romania, for its part, has set aside around 7.6 billion. USD for a program for tanks of the next generation, which involves the acquisition of 216 units, with K2 emerging as one of the leading candidates in the competition with Western projects.
Despite the positive outlook overseas, Kiwoom points out that in the short term, Hyundai Rotem faces cost pressures due to the initial production phase of new contract series. However, the expectation is that these expenses will decrease in line with the stabilization of the assembly line, which will allow the company to consolidate its presence in Europe, the Middle East and Latin America with the K2, which is equipped with a 120 mm gun, advanced fire control systems and active protection capabilities for high-intensity operations.
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🚨🇰🇷🇮🇶 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
Source: Defence Blog | Photo: X @Defence_Index | This content is created with the help of AI and reviewed by the editors
