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| EADS Eurofighter Typhoon (File Photo) |
SEOUL — South Korea said Thursday it would re-open bidding on a $7.4 billion fighter jet deal next month, citing high prices presented by three aviation giants vying for its largest defense contract to date.
The Defense Acquisition Program Administration (DAPA) announced the decision in a meeting chaired by Defense Minister Kim Kwan-Jin, after initial bidding procedures were temporarily suspended.
The project to buy 60 advanced planes was launched to replace an aging fleet of F-4 and F-5 jets introduced decades ago.
It has been delayed for months because of South Korea’s position that the price should not exceed the 8.3 trillion won (US $7.4 billion) approved by parliament.
“We’ve decided to resume bidding” in mid-August under the same conditions as previously, DAPA spokesman Baek Yoon-Hyeong told reporters.
The project comes as the world’s biggest defense groups seek to overcome drastic cutbacks in military spending in the US and Europe.
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