Korean Air and Boeing have concluded an agreement for the South Korean flag carrier to purchase 103 planes from the U.S. aircraft manufacturer.

The two sides signed the memorandum of understanding in Washington on Monday, the same day President Lee Jae Myung held summit talks with U.S. President Donald Trump.

Of the next-generation high-efficiency aircraft specified in the memorandum, 20 are Boeing 777-9s, 25 are 787-10s, 50 are 737-10s and eight are 777-8 freighters, for a total value of 36-point-two billion U.S. dollars.

The planes are expected to be brought in successively through late 2030.

Korean Air will also spend 690 million dollars to buy spare engines for eleven aircraft from GE Aerospace and for eight units from CFM International, and 13 billion dollars for engine maintenance service for the next 20 years from GE Aerospace.

The South Korean carrier said the investments in future growth are part of its strategy to reinforce cooperation with the U.S. aviation industry.