South Korea's state funded aircraft maker, Turkey sign 500 million usd aeroplane deal
Sunday 06/08/2017 - Source: Forbes
South Korea's state-funded aircraft maker said Monday it has signed a 500 million US dollar contract to sell trainer aircraft to Turkey's air force in Seoul's biggest aviation deal.
Korea Aerospace Industries (KAI) said in a statement that 55 upgraded KT-1 trainers would be supplied by 2013 under the contract signed in Istanbul Friday.
KAI said the latest deal marks the country's biggest ever aircraft export and second largest arms export, after a one billon dollar licensing deal for the K-9 self-propelled howitzer with Turkey in 2011.
KT-1, jointly developed with the state-run Agency for Defense Development from 1988 to 1998, has a turbo-prop engine and is designed largely to train military pilots.
'With Turkey, which has used US-made trainers, choosing KT-1, the Korean trainer has been recognised as a highly efficient and economic weapons system,' said Park Jea-Jeom, KAI chief executive officer in charge of the deal.
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