Lima: South Korea has succeeded in signing a framework agreement to export K2 battle tanks to Peru, the government announced Wednesday, as Seoul seeks to diversify the customer base of its arms exports. Under the deal signed between Hyundai Rotem Co. and the Peruvian Army, the South Korean company is expected to supply 54 K2 tanks and 141 K808 wheeled armored vehicles to the Latin American country by next year.

According to Yonhap News Agency, the agreement, signed during a ceremony in Lima on Tuesday, was attended by the chief of South Korea's arms procurement agency (DAPA), the Peruvian president, and the defense chief. The deal includes details on supplying the tanks and armored vehicles as well as plans for training and follow-up support. Although the government did not disclose the exact amount of the deal, it is estimated at more than 2 trillion won (US$1.4 billion), marking the country's largest export of ground equipment to Latin America when finalized.

The latest agreement comes as South Korea has been seeking to make inroads into the Latin American market as part of its bid to boost arms exports. In May last year, Hyundai Rotem and STX Corp. signed a $60 million deal with the Peruvian Army to supply 30 K808 armored vehicles. In November, Hyundai Rotem signed a comprehensive cooperation agreement aimed at exporting ground weapons to Peru, including its K2 battle tanks and wheeled armored vehicles.

The K2 tank, deployed with the South Korean Army since 2014, is one of the country's key weapons systems that have been supplied overseas, alongside the K9 self-propelled howitzer. Earlier this year, Hyundai Rotem signed a deal to supply the second batch of K2 tanks to Poland, following up a contract first signed in 2022 for the first batch of K2 tanks.