AsianFin -- Korean Air has announced a $50 billion agreement to purchase more than 100 Boeing aircraft, along with several spare engines and a 20-year engine maintenance contract. The deal was formalized at a signing ceremony in Washington on Monday, coinciding with a meeting between South Korean President Lee Jae Myung and U.S. President Donald Trump.

Under the agreement, Korean Air will spend $36.2 billion on 103 next-generation Boeing aircraft, $690 million on 19 spare engines from GE Aerospace and CFM International, and $13 billion for a 20-year engine maintenance service contract with GE Aerospace.

“This deal is a strategic choice to strengthen Korean Air’s partnership with the U.S. aviation industry,” the airline said. “It will enhance our operational capabilities and global competitiveness while fostering strong commercial ties to drive sustained growth.”