S. Korea Signs Formal Contract for KF-X Jet Development Project

Write : 2015-12-29 08:42:50 Update : 2015-12-29 08:44:30

S. Korea Signs Formal Contract for KF-X Jet Development Project

The Defense Acquisition Program Administration (DAPA) and the Korea Aerospace Industries (KAI) have signed a formal contract to develop an indigenous fighter jet.
 
According to Monday's agreement, the DAPA and KAI will complete development of the jet, dubbed KF-X, by 2026 and finalize the initial production by 2028.
 
The budget for the development has been set at eight trillion won with the South Korean government responsible for 60 percent. The KAI will pay 20 percent of the cost and the Indonesian government will kick in the remaining 20 percent.
 
The DAPA will launch a team comprising 70 to 80 people to be in charge of the project on January 1.

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