Korea Aerospace Industries (KAI) signed a $1.1 billion (1.1 trillion won) contract to sell 24 FA-50 light attack aircraft to Iraq, Thursday, December 12, the most lucrative defense export deal by local players.
In Baghdad, KAI CEO Ha Sung-yong and Iraqi Prime Minster Nouri al-Maliki signed the deal.
The Korean defense contractor is set to deliver the jets between October 2015 and October 2016.
In addition, the two sides are on the verge of reaching another agreement including pilot training and logistical support with an estimated value of $1 billion.
“The contract is the biggest achievement in the nation’s aerospace exports,” Ha said.
“Through the deal, we discovered the aircraft’s competitiveness in the international market and potential as an export.”
With the deal, KAI has put the first Middle East country on its customer list.
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