Korean Air announced that it will purchase over 100 Boeing aircraft in the largest deal in South Korean aviation history. The announcement came just hours after South Korean President Lee Jae-myung met with his US counterpart Donald Trump in Washington, AFP reported.

"Korean Air has announced its intention to purchase 103 new-generation aircraft from Boeing," the company said.

The deal, which also includes spare engines from GE Aerospace, is worth about $50 billion, according to the company. Delivery of the aircraft is scheduled "by the end of 2030."

The agreement was signed on August 25 in Washington during a meeting of Korean and American businessmen, under the supervision of Commerce Secretary Howard Luttick and South Korea's Ministry of Trade, Industry and Energy.

Trump held his first meeting with South Korean President Lee Jae-myung on the same day to discuss bilateral relations, just weeks after the two countries agreed on trade deals involving the announcement of huge investments in the United States.

In March, Korean Air agreed to purchase up to 50 Boeing aircraft worth about $32 billion, with GE Aerospace also involved in the deal.

Boeing has been affected by production delays and safety issues.

A total of 241 people aboard a Boeing 787 Dreamliner flying to London were killed when the plane crashed shortly after takeoff from Ahmedabad in western India on June 12.

A preliminary report from the Indian Aircraft Accident Investigation Bureau indicates that fuel to the aircraft's engines was cut off shortly before impact.

Following the crash, India and Singapore ordered their airlines to check the fuel switches on several Boeing models. | BGNES