SEOUL Korea Aerospace Industries Ltd. (KAI) has agreed to sell seven KT-1 air force training aircraft to the Indonesian Air Force for $60 million, in its first export contract of the kind.

The National Defense Science Research Institute and KAI developed the aircraft over 10 years of intense research and development at a cost of 100 billion won ($80 million). The aircraft is used for teaching basic flight techniques.

The KT-1 is 10.3 meters long, 10.6 meters wide and 3.7 meters tall with a maximum speed of 649km per hour. It can fly 1,700km, or five hours, without refueling and can be turned into a combat fighter with the attachment of light arms.

KAI said the aircraft's first shipment overseas is comparable to the first exports of Hyundai motor's ponys to North America in 1976; it is a milestone in the nation's aircraft industry's development.

KAI projected that Korea will grab 13 percent of the world's basic trainer aircraft market which is estimated at $1 billion a year.

Turkey, Colombia, Israel and the Philippines are negotiating purchases, KAI said.

(IRNA)