LIG Nex1 President Lee Hyeon-soo, fourth from left, poses with officials from Indonesian defense firm Republikorp and Indonesia's Ministry of Defense during a signing ceremony at LIG Nex1's booth at the Seoul International Aerospace and Defense Exhibition (ADEX) at Seoul Air Base in Seongnam, Gyeonggi Province, Tuesday. Courtesy of LIG Nex1

Local defense company LIG Nex1 signed a strategic partnership agreement with Republikorp, a rising Indonesian defense firm, Tuesday, the first day of a major arms exhibition in Korea.

The signing ceremony was held during the Seoul International Aerospace and Defense Exhibition (ADEX), currently taking place at Seoul Air Base in Seongnam, Gyeonggi Province, according to the Korean firm.

The newly inked agreement is set to formalize the cooperation between the two sides in the field of strategic technology exchange, including those related to Korea's Raybolt anti-tank guided missile system (ATGM). The collaboration regarding the ATGM system will amount to approximately 35 billion won ($26 million), according to LIG Nex1.

"We are excited to start this cooperation with LIG Nex1 to increase our domestic production capability in high-value technology equipment, such as guided missiles. We hope that this cooperation will ever increase the good relations between both countries," a spokesperson for Republikorp said.

"LIG Nex1 looks forward to the strategic partnership with Republikorp, and our company will make the best efforts to achieve more positive outcomes in the near future with an aim to strengthen the Indonesian armed forces and defense industry capabilities," LIG Nex1 President Lee Hyeon-soo said.

LIG Nex1 is a major domestic aerospace and defense manufacturer with a product range including missiles, guided munitions, surveillance and reconnaissance radar systems. It is one of the largest suppliers of weapon systems for the Korean military and international arms exporters.

Under the slogan "Smarter Together," the defense firm is showcasing a range of cutting-edge technologies at ADEX, including the Korean GPS Guided Bomb (KGGB) and Korean Air-Launched Cruise Missile (KALCM), along with land-based weapon systems including Raybol, as well as a drone system.