TrendingUSA

Lockheed Martin F-35 Lightning II

Boeing Co, Lockheed Martin Corp and Eurofighter have submitted bids for a $7 billion South Korean fighter plane contract. U.S and European defense contractors are turning their interests to Asian markets as demand at the domestic markets has slowed down.

South Korea’s Defense Acquisition Program Administration in a statement on its website said "Boeing’s F-15 Silent Eagle, Lockheed’s F-35 Lightning II and the Eurofighter Typhoon are in the race for the defense contract" .

South Korea in October announced  to buy 60 fighter planes and is likely to spend 8 trillion won which is $7 billion.

Earlier in 2002 and 2007 South Korea has ordered 60 F-15's from Boeing.

Asian countries are increasing their defense budgets and spending on defense products is estimated to increase by 4.2 percent anually until 2016.