The signing ceremony was also attended by South Korea's Minister of Industry Ahn Deok-keun and U.S. Secretary of Commerce Howard Rutnick.
On the Korean Air side, Hanjin Group Chairman Cho Won-tae attended, and Boeing CEO Kelly Ortberg and GE Aerospace CEO Russell Stokes attended.
Korean Air announced that it plans to introduce a total of 40 state-of-the-art aircraft by 2033 with Boeing.
The flag carrier of South Korea, Korean Air, will invest a total of 48 trillion won ($32.7 billion) in the United States to purchase 50 Boeing aircraft and eight engines from GE Aerospace.
Korean Air is actively introducing the latest next-generation aircraft to expand and upgrade its fleet in line with the launch of the integrated airline. This is also to preemptively respond to global aircraft supply chain problems and to stably secure a next-generation fleet.
This is the first time that the ministers of relations between the United States and South Korea have jointly attended the ceremony during the second term of the Trump administration.
South Korean Minister Ahn Deok-keun said,
"This cooperation in the field of aircraft and aircraft engines has given Korean Air the momentum to become one of the top 10 airlines in the world."
He added, "We hope that this agreement will pave the way for further revitalization of multifaceted exchanges between the ROK and the U.S., both in terms of material and people," and emphasized, "The Korean government will also actively support cooperation between the ROK and the U.S. industry."
Korean Air announced that Hanjin Group Chairman Cho Won-tae, Boeing CEO Kelly Ottberg, and GE Aerospace Commercial Aircraft Engine and Service Division CEO Russell Stokes met in Washington, D.C., U.S.A. on the 21st (local time) to discuss ways to strengthen cooperation.
As a result of the discussions, Korean Air plans to quickly complete the implementation of the MOU signed with Boeing, introduce 20 Boeing 777-9s and 20 787-10s by 2033, and consider purchasing options for 10 additional aircraft.
In addition, the company will purchase eight spare engines (two optional engines) from GE and conclude maintenance service contracts related to Boeing 777-9 GE9X engines as soon as possible.
Recently, Korean Air has completed a $1.3 billion acquisition of two-thirds of Asiana in December, with plans to operate it as a subsidiary for up to two years before fully integrating it under the Korean Air name.
The carrier also unveiled a new logo for the first time in 41 years and decided to revamp its in-flight services such as in-flight meals.
A Korean Air official said,
"The scale of cooperation between the three companies is $32.7 billion (about 47.97 trillion won), including $24.9 billion in aircraft purchases and $7.8 billion in engine purchases and maintenance services."
The two countries plan to strengthen cooperation in various fields such as aviation, semiconductors, shipbuilding, and energy.
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