Iraq’s possible purchase of 250 K2 Black Panther tanks could become one of the largest recent contracts for armored vehicles on the international market.
Hyundai Rotem is engaged in advanced negotiations with Baghdad as part of a modernization program aimed at replacing older armored vehicles, according to South Korean brokerage firm Kiwoom Securities. Market expectations indicate that the deal, estimated at around $6.5 billion, could be formalized within the year, although there is currently no official confirmation.
The Iraqi interest is part of a broader strategy by Hyundai Rotem to diversify its export destinations beyond Poland, currently K2’s main customer. The company also holds talks with Peru, Romania and Saudi Arabia, reflecting growing international demand for South Korean land combat systems. These negotiations follow large-scale deliveries of the K2 to the Polish Army, which showcased the vehicle to the European market.
In the case of Peru, a framework agreement for the purchase of 54 K2 tanks and 141 wheeled armored vehicles was already signed in December last year, in a package worth around $2 billion. Romania, for its part, has allocated around 7.6 billion dollars for a new generation tank program which involves the acquisition of 216 units, with the K2 appearing among the main contenders compared to Western projects.
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Despite the positive outlook overseas, Kiwoom points out that Hyundai Rotem faces cost pressures in the short term due to the initial production phase of the new contracted batches. However, these expenses are expected to decrease as the assembly line stabilizes, allowing the company to consolidate its presence in Europe, the Middle East and Latin America with the K2, equipped with a 120mm cannon, advanced fire control systems and active protection options 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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