The first mass-produced KF-21 fighter jet is unveiled during a ceremony marking its rollout at the headquarters of Korea Aerospace Industries, Korea's sole aircraft manufacturer, in Sacheon, South Gyeongsang Province, March 25. Yonhap

Korea's first homegrown fighter jet program may face delays as costs for follow-on production are projected to sharply rise from the original estimate, a document drafted by the state arms procurement agency showed Tuesday.

The "Block-II" production of the KF-21 Boramae fighters was projected to cost 18.44 trillion won ($12.5 billion) as of March, an increase of 29.5 percent, or 4.19 trillion won, from the initial estimate of 14.24 trillion won made in August 2024, according to the document by the Defense Acquisition Procurement Administration (DAPA) submitted to a lawmaker.

DAPA largely attributed the cost overruns to economic factors, such as inflation, a weak Korean currency and global supply chain disruptions, the document showed.

South Korea launched the fighter jet project in late 2015 to develop an advanced supersonic aircraft intended to replace now-retired F-4 fighters and aging F-5 jets still in service.

Following the rollout of the first KF-21 prototype in April 2021, DAPA began the "Block-I" production phase aimed at producing 40 fighters focused on air-to-air capabilities for delivery to the Air Force by 2028.

The "Block-II" phase aims to produce 80 additional KF-21s fitted with long-range air-to-ground missiles by 2032.

The budget for the follow-on production will be finalized before the end of the year following consultations with the Ministry of Planning and Budget.

The Block-I production program has already experienced cost overruns, with spending rising to 8.38 trillion won from the initial estimate of 7.92 trillion won.

Korea has spent 8.81 trillion won on establishing the development framework of the KF-21 program. Factoring in production costs for 120 jets and maintenance costs estimated at 26 trillion won over the next three decades, the country is expected to spend more than 60 trillion won on the project overall.

Source: Korea Times News