Iraq’s potential purchase of 250 K2 Black Panther tanks could become one of the largest recent armored vehicle contracts in the international market.
According to South Korean securities house Kiwoom Securities, Hyundai Rotem is engaged in advanced negotiations with Baghdad as part of a modernization program aimed at replacing aging armored vehicles. The market expects that the deal, estimated at approximately $6.5 billion, could be completed this year, although there has been no official confirmation yet.
The Iraqi interest is part of a broader strategy by Hyundai Rotem to diversify its export destinations beyond Poland, currently the K2’s biggest buyer. The company is also in talks with Peru, Romania and Saudi Arabia, highlighting increasing international demand for South Korean land combat systems. These negotiations follow large-scale deliveries of the K2 to the Polish military, which have acted 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 armored vehicles, in a package worth approximately $2 billion. Romania, in turn, has earmarked around $7.6 billion for a next-generation tank program, which envisages the purchase of 216 units, with the K2 considered one of the leading candidates compared to Western projects.
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Despite the positive outlook abroad, Kiwoom points out that Hyundai Rotem is facing cost pressure in the short term due to the initial phase of production of newly contracted series. However, these costs 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 gun, 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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