South Korea has expressed its interest to acquire Israel's Iron Dome anti-missile defense system, according to Rafael Advanced Defense Systems.

Yedidya Yaari, CEO of Israel's state owned Rafael Advanced Defense Systems, has sent representatives of the defense company to South Korea to discuss the possible procurement of the Iron Dome, he said during an interview with Israel's Army Radio, as reported by Reuters.

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"[South Korea] is very worried not only about rockets, but other things as well ... You can certainly include them in the club of interested countries."

The high success rate of the system has impressed South Korea and other foreign militaries, he added.

Sources within the defense industry have also cited India, Singapore and Poland to be in negotiations to acquire the system.

The Iron Dome successfully intercepted 90% of the rockets fired by Palestinians from the Gaza Strip during the latest conflict between the two parties, according to the Israeli defense officials.

South Korea's capital, Seoul, is only 35 km away from the Demilitarized Zone (DMZ) and the border of North Korea. The anti-missile system is capable of striking targets with a range of 70 km making it an essential part of South Korea's defense if it were to acquire it.

Each battery of the system costs US$50 million and each missile is worth between US$30,000 and US$50,000.

Although the Iron Dome was developed by Israel, it is heavily funded by the United States.

Last week the US Senate Appropriations Defense subcommittee supported Israel's request of US$621.6 million for its missile defense program for 2015. US$351 million of the requested amount was specifically allocated for the Iron Dome.

Other defense companies that are also involved in the development of the Iron Dome include Israel Aerospace Industries and the Elisra Group. The US defense company Raytheon also provides some components to the system.

Rafael Advanced Defense Systems is also trying to develop a system aimed at intercepting mortars. Iron Beam, as it is called, was unveiled in February. It would use high-energy lasers to strike its targets. A prototype of Iron Beam could be deployed by 2016.

TagsIsrael, Korean peninsula, Iron Dome, South Korea-Israel Relations