Lee Hyun-soo (left), LIG Nex1’s overseas business manager, and Florentina Micu, president of Romarm sign the memorandum of understanding at the office building of Romania's Ministry of Economy in Bucharest, Romania, Thursday. Behind them are South Korean Ambassador to Romania Rim Kap-soo (left) and Romanian Economy Minister Florin Marian Spartaru. (LIG Nex1)

South Korean defense firm LIG Nex1 announced Thursday that it has signed a memorandum of understanding with Romania's state-run defense company Romarm as it seeks to export its anti-aircraft missiles to the European country.

Lee Hyun-soo, LIG Nex1’s overseas business manager, and Florentina Micu, president of Romarm, signed the memorandum in Bucharest, the capital city, with Romania's Economy Minister Florin Marian Spartaru and South Korea’s Ambassador to Romania Rim Kap-soo in attendance.

Under the agreement, LIG Nex1 plans to cooperate with Romarm on technology development and transfer, ultimately accelerating the local production of its cutting-edge missiles in Romania.

“This memorandum includes cooperation on technology transfer for local production, which is expected to serve as the foundation of economic ties between the two countries,” said Lee of LIG Nex1. “We hope to strengthen ties in various defense fields in the future."

The Romanian economy minister was also quoted as saying that Romania could play a role as an outpost for the Korean company to seek expansion in the region.