Hyundai Rotem, South Korea’s sole tank manufacturer, announced Monday that it has signed a comprehensive cooperation agreement with Peru to advance plans for exporting armored vehicles to the country.

The agreement, signed Saturday between Hyundai Rotem President Lee Yong-bae and Jorge Zapata, CEO of Peru’s Army Weapons and Ammunition Factory, lays the groundwork for exports of K2 tanks and wheeled armored vehicles to Peru, representing a preliminary step toward a formal contract aimed at bolstering the country’s military modernization efforts, Hyundai Rotem stated.

The deal was finalized on the sidelines of the Asia-Pacific Economic Cooperation summit in Lima, where South Korean President Yoon Suk Yeol and Peruvian President Dina Boluarte attended, the company said.

This move follows Hyundai Rotem’s earlier contract, secured in May this year, to export 30 K-808 White Tiger armored vehicles to Peru, marking its first entry into Latin America.

Hyundai Rotem said its K2 tank has already received recognition in the global defense market for its performance and reliability. The company has so far delivered 71 units of the 180 K2 tanks to Poland as part of the deal signed in 2022, earning recognition for timely deliveries and robust after-sales services.

The K2 tank, known for its rapid troop deployment capabilities and advanced defense features, is expected to play a pivotal role in modernizing Peru’s military, the company said. The wheeled armored vehicles included in the agreement are highly versatile infantry combat vehicles designed for diverse battlefield environments.

“We will do our utmost to turn this agreement into a successful export contract,” a Hyundai Rotem official said. “We are dedicated to contributing to Peru’s defense modernization through our technological expertise and decades of experience.”