Korean Air has signed its largest-ever contract, a $32.7 billion (approximately 48 trillion won) agreement with Boeing and GE Aerospace to modernize its fleet with 40 new aircraft and an option for 10 more.
The deal, announced March 23, includes a $24.9 billion memorandum of understanding for 20 Boeing 777-9 and 20 787-10 aircraft to be delivered by 2033. A separate $7.8 billion agreement with GE Aerospace covers eight preliminary engines with options for two more.
The signing ceremony in Washington, D.C. on March 21 brought together Hanjin Group Chairman Cho Won-tae with executives from Boeing and GE Aerospace. Notably, the event was attended by officials from both countries – Korean Trade Minister Ahn Duk-geun and U.S. Commerce Secretary Howard Lutnick – marking the first such joint ministerial appearance since Donald Trump’s second administration began.
Ahn cited the deal as giving Korean Air “momentum to become a top 10 global airline” and pledged government support for further Korean-U.S. industry collaboration.
The agreement builds on preliminary discussions that began at the Farnborough International Airshow in July last year, cementing what represents a significant industrial partnership between the two countries.
