Korean Air Signs Deal Worth $24.9 Billion To Acquire Aircraft From Boeing

The Korean carrier also inked a $7.8 billion agreement with GE Aerospace to purchase eight spare engines and secure engine maintenance services. 

A pre-signing event took place at the US Department of Commerce in Washington, with notable figures in attendance.

Source : Boeing

South Korea's national carrier, Korean Air Lines, signed agreement to acquire aircraft and spare engines from Boeing and GE Aerospace, in a combined deal worth $32.7 billion. The deal, announced by South Korea's industry ministry, states that Korean Air will purchase 20 Boeing 777-9 and 20 Boeing 787-10 aircraft by 2033.

Further, the deal also has an option for the Asian carrier to buy an additional 10 aircraft from the company, reported IANS. The deal, worth $24.9 billion, was swiftly finalised by both the companies.

The Korean carrier also inked a $7.8 billion agreement with GE Aerospace to purchase eight spare engines and secure engine maintenance services. 

Signing Ceremony and Economic Cooperation

A pre-signing event took place at the US Department of Commerce in Washington, with notable figures in attendance. These included Cho Won-tae, chairman of Hanjin Group, the parent company of Korean Air; Kelly Ortberg, Boeing's president and CEO; and Russell Stokes, CEO of GE Aerospace Commercial Engines and Services. South Korean Industry Minister Ahn Duk-geun and U.S. Secretary of Commerce Howard Lutnick were also present at the ceremony.

During the event, Ahn expressed optimism that the agreement would bolster economic ties between South Korea and the United States. He assured that South Korea would actively support industrial cooperation between the two nations.

Ahn’s visit to Washington also included discussions with US officials such as Lutnick and Energy Secretary Chris Wright. The talks covered pressing trade issues, including tariffs and South Korea’s placement on the sensitive countries list.

Meanwhile, the South Korean government announced plans to support the critical minerals recycling industry. Acting President Choi Sang-mok emphasised the need to address supply chain vulnerabilities due to economic uncertainties, protectionist trade policies, and China’s export restrictions on key minerals. Speaking at a rechargeable battery recycling facility in North Jeolla Province, he highlighted efforts to stabilise the supply chain for advanced industries.