Korea Aerospace Industries Secures Major Deal with the Philippines
Korea Aerospace Industries (KAI) has landed a substantial contract with the Philippines worth 975.3 billion won to supply 12 FA-50 fighter jets by 2030. This deal is part of South Korea's ambition to become a top global arms exporter. The agreement follows previous deliveries made in 2017.
- Country:
- South Korea
Korea Aerospace Industries (KAI), a leading South Korean defense firm, has announced a lucrative deal with the Philippine defense ministry valued at 975.3 billion won, equivalent to $712.83 million.
Under the agreement, KAI is set to deliver 12 FA-50 fighter jets to the Philippines by 2030, marking a significant step in modernizing the Southeast Asian nation's military capabilities. This contract follows a similar agreement in 2014 when KAI supplied another batch of 12 FA-50 jets by 2017.
South Korea, having previously sold various military assets like corvettes and frigates to the Philippines, aims to establish itself as the world's fourth-largest arms exporter by 2027.
(With inputs from agencies.)
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