South Korea said on Thursday, July 25, it would hold a new round of bidding next month for $7.43 billion purchase of 60 next generation fighter jets, suspended after bids exceeded the budget.
The Defence Acquisition Program Administration (DAPA), the country’s arms procurement agency, suspended the auction earlier this month after 55 rounds. None of the entries, Lockheed Martin Corp’s F-35, Boeing Co’s F-15 and EADS’s Eurofighter Typhoon, submitted bids meeting the required price.
The DAPA said it would begin a new round of bidding for its biggest-ever defence import programme in the third week of August. Analysts said that was unlikely to close the price gap that has scuppered previous rounds.
“We have decided at the defence project committee meeting to resume bidding for the F-X project,” DAPA spokesman BaekYoun-hyeongsaidat a briefing.
Baek hinted at the possibility of increasing the budget, but offered no further details.
“If there is no entry with price within the project budget after the resumption of bidding, we will pursue the project again through reviews or increase in overall budget,” he said.
The project has been one of the world’s most watched defence deals this year due to its scale and whether South Korea would become one of the few countries to purchase F-35 fighters outside the U.S. military and eight development partner nations.
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