Korean Air has made a billion-dollar order for Boeing and GE Aerospace, and South Korean President Lee Jae-myung visits the US.
According to Reuters, Korean Air on Monday, August 25, announced the largest-ever order in history, worth $50 billion, from Boeing and GE Aerospace.
As per a joint statement from two companies, the Korean air carrier has made an order for 103 Boeing aircraft, including a mix of 787s, 777s and 737 airplanes worth about $36.5 billion and GE Aerospace servicing and engines valued at $13.7 billion.
Korean Air boss Walter Cho said that the new jets from the American multinational corporation will arrive at a “pivotal moment” that will modernise the airline's fleet. The move ensures that the South Korean flag carrier remains competitive, especially ahead of the merger with Asiana Airlines.
Meanwhile, Boeing's commercial planes chief, Stephanie Pope, praised the over 100 airplanes order as a "landmark agreement."
The major agreement was announced hours after the meeting between Lee and Trump in Washington to discuss tariffs.
The deal was announced at a meeting of both countries' representatives and business leaders, including US Commerce Secretary Howard Lutnick, South Korea's Trade Minister Kim Jung-kwan, technology giant Samsung, Hyundai Motor Group and Nvidia boss Jensen Huang.
Furthermore, amid ongoing pressure from Trump to do more business in America, South Korea's Hyundai revealed that it will raise its investment into the US from $21bn to $26bn.
