Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) and Korea Aerospace Industries (KAI) have signed a Memorandum of Understandings (MOU) for collaboration, in which the companies will provide the Republic of Korea (South Korea) military forces with unmanned loitering munitions systems. As part of the MOU, KAI and IAI are aiming to expand their long-term cooperation to adapt and to market the loitering munitions to ROK Army requirements.
KAI president & CEO Hyun-ho Ahn stressed the importance of partnership between IAI and KAI, which in recent decades has included many defense and commercial projects. By combining KAI's aircraft technology and IAI's unmanned aerial system technology, IAI and KAI have provided the innovation to strengthen the defense power of the Republic of Korea and commercialize future exports.
IAI president and CEO Boaz Levy said, "The MOU’s signed today is another milestone in our growing collaboration with KAI. IAI has long relations with the ROK and local industries and we are happy to join KAI, one of Korea’s leading companies to explore future opportunities. Combining IAI’s proven capabilities in loitering munitions and KAI’s technologies and products creates an opportunity for an improved solution to the future battlefield."
Published by Globes, Israel business news - en.globes.co.il - on March 4, 2021
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