(MENAFN- QNA) South Korea signed an agreement with Indonesia on Monday to work on the former's fighter development project, Seoul's military procurement agency said.
Under the program, dubbed KFX, South Korea seeks to develop and produce home-built fighter jets so as to deploy some 120 units of the F-16 class to replace its aging fleets, South Korean news agency Yonhap reported.
Indonesia has joined Seoul's largest-ever defense program, vowing to meet 20 percent of some 8.5 trillion won ($7.95 billion) required for the development.
As a follow-up to a memorandum of understanding in 2010, Seoul and Jakarta signed the agreement "to specify details about basic principles about how to lead the project, including cost-sharing and work responsibilities," according to the Defense Acquisition Program Administration (DAPA).
"Today's agreement paved the way for the two to boost cooperation in a wide range of fields from designing the warplane and developing its prototype to testing and evaluating it," DAPA said. "It will help both nations reduce their financial burdens and promote their aviation industries."
DAPA officials and Indonesia's defense chief attended the signing ceremony that took place in Surabaya, Indonesia.
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