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Korea Signs KT-1P Export Contract with Peru for US$200 Million
S. American Market
Korea Signs KT-1P Export Contract with Peru for US$200 Million
  • By matthew
  • April 23, 2015, 09:30
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President Park Geun-hye poses for a photo with Peruvian President Ollanta Humala in front of the KT-1P after attending the co-production ceremony held in Las Palmas Air Base in Lima, Peru, on April 21 (local time).
President Park Geun-hye poses for a photo with Peruvian President Ollanta Humala in front of the KT-1P after attending the co-production ceremony held in Las Palmas Air Base in Lima, Peru, on April 21 (local time).

 

Korea’s KT-1P will be produced in Peru for the first time, securing a stepping stone for the country to advance into the South American aircraft market. Korea Aerospace Industries (KAI) announced that it held the delivery ceremony of the first KT-1P on April 22 (April 21 local time) in Las Palmas Air Base in Lima, Peru.

Previously, KAI and the Peruvian Air Force signed a contract for 20 KT-1Ps for an approximate amount of US$200 million (216.66 billion won) in November 2012. This was an event to celebrate the delivery of the nation’s first aircraft among 20 KT-1Ps, which was assembled and produced in Peru.

The KT-1P is an export version of the Korean basic training aircraft KT-1 for Peru. Four KT-1Ps, which were produced by KAI in December 2014, have completed electrification. The other 16 will be assembled in Peru by October 2016.

As KAI has secured the local production base of the KT-1P in Peru, it now stands on the stepping stone to tap into the aircraft market in South America. Ecuador and Paraguay not only sent their engineers to the KT-1P production facilities in Peru, but also inquired about the purchase.

The additional export market in the South American region for the next decade is estimated at a total of 11 trillion won (US$10.15 billion) with 550 units – 150 units of the T-50s or the FA-50s, 200 units of the KT-1, and 200 units of Surion.

Until now, KAI has signed US$3.2 billion (3.447 trillion won) in export contracts with Indonesia, Turkey, Peru, Iraq, and the Philippines to provide 129 units of the KT-1 basic training aircraft and the T-50 advanced trainer jets.