SEOUL — South Korean defense company Korea Aerospace Industries (KAI) 047810.KS said on Wednesday it has signed a deal worth 975.3 billion won ($712.83 million) with the Philippine defense ministry to supply 12 aircraft.
KAI will export 12 of its FA-50 fighter jets by 2030, which would modernise the Southeast Asian country’s military, it said in a statement.
The company previously signed a deal with Manila in 2014 and supplied another batch of 12 FA-50 jets by 2017.
South Korea, which has sold FA-50 fighter jets, corvettes, and frigates to the Philippines, aims to become the world’s fourth-largest arms exporter by 2027.
($1 = 1,368.2100 won)
—Reporting by Hyunsu Yim;Editing by Ed Davies
