South Korea's state arms procurement agency said Thursday it will sign a formal contract next week on its fighter jet development project, known as KF-X.
The Defense Acquisition Procurement Administration plans to ink the deal with Korea Aerospace Industries Ltd., the country's sole aircraft maker.
"Negotiations over the formal contract on the KF-X program are going well. It seems to be possible to sign it around Dec. 28," the agency official said on the condition of anonymity.
South Korea hopes to produce its own fighter jet to replace the aging fleet of F-4s and F-5s by mid-2020.
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