World Economy

Bids for Fighter Jet Deal

Bids for Fighter Jet DealBids for Fighter Jet Deal

South Korea said it had received two bids on Tuesday for a multi-billion dollar fighter jet contract, with foreign makers Airbus and Lockheed Martin each partnering with a Korean firm to submit rival offers, AFP reported. The defense ministry said the two bids had been submitted to the state arms procurement agency and the winner of the 8.6t won ($7.8b) contract would be announced in July. The KF-X fighter project is designed to develop and produce 120 fighter jets of a new “indigenous” type to replace South Korea’s ageing fleet of F-4s and F-5s.