Korean defense company Hyundai Rotem and trading firm STX signed a $60 million contract with Fabrica de Armas y Municiones del Ejercito SAC, the Peruvian state arms procurement agency, to export K-808 White Tiger wheeled armored vehicles.

It is Korea's first export of armored vehicles to Latin America, according to Hyundai Rotem on Wednesday.

Under the contract, Hyundai Rotem and STX will supply 30 units of K-808 vehicles to Peru by the end of 2024. Hyundai Rotem will be responsible for producing the eight-wheeled infantry transport vehicles, and STX will be in charge of delivering Hyundai Rotem-made armored vehicles to Peru.

Hyundai Rotem said the company would strive to win more export orders for armored vehicles. The Peruvian government currently plans to secure a total of 120 armored vehicles, and Hyundai Rotem is the first company to provide armored vehicles to the country.

Local reports noted Hyundai Rotem is expected to supply the Peruvian Army with other types of vehicles with different maneuvering systems, ranging from four and six-wheeled armored vehicles to light and heavy tactical vehicles.

The Korean weapon systems maker also expressed hopes that the latest contract would work as a springboard into the wider Latin American defense market, where demand for armored vehicles is increasing.

Hyundai Rotem’s latest deal is the second defense contract signed between a Korean company and the Peruvian military this year.

In April, Korean shipbuilder HD Hyundai Heavy Industries signed a $463 million deal to build four warships for the Peruvian Navy. The contract was the largest naval ship order placed by a Latin American country with a Korean shipbuilder.