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Tuesday, July 01, 2008

S. Korea to Ink Subs-for-Aircraft Deal With Indonesia

South Korea is nearing a $1-billion deal with Indonesia to trade two of its 1,300-ton attack submarines and related technology for eight Indonesian-built advanced maritime patrol aircraft, a military source said Monday.

Arms procurement officials from the two nations, which forged a "strategic partnership" in December 2006, will meet next week in Indonesia to sign a memorandum of understanding (MOU) on the proposed deal, the source said.

"The two sides have virtually finalized the deal, as Indonesia accepted our final proposal on June 12 when its vice defense chief was visiting," the source privy to the deal told The Korea Times on condition of anonymity.

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