DAEJEON < invest Korea

According to Yonhap News,

On November 9, Daejeon-si announced that it has signed an MOU worth KRW 63.1 billion with LIG Nex1, a defense company, on investment to expand satellite radar center and test site.

With this agreement, LIG Nex1 made a commitment to expand a satellite radar center and test site with a total floor area of 9,025㎡ on the site of the Daejeon Research Institute in Jukdong, Yuseong-gu.

LIG Nex1, which has been developing and mass-producing advanced weapon systems such as precision-guided weapons and surveillance and reconnaissance, has recently expanded its business to space technologies.

The MOU signing ceremony held at Daejeon City Hall was attended by Daejeon Mayor and LIG Nex1 CEO, among others.

CEO of LIG Nex1 said, "There are a number of key customers and partners in Daejeon," adding, "We expect it to play an important role in increasing synergy effects between the company's diverse businesses."

psykims@yna.co.kr

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Source: Yonhap News (November 9, 2023)