South Korea's Defense Acquisition Program Administration (DAPA) said a $3.1 billion (3.5 trillion won) project to build new frigates has been given the green light.
On Wednesday, the defense project promotion committee approved the Ulsan-class Batch IV project which DAPA says, will "enhance the military's maritime operational capabilities, as well as contribute to securing up-to-date technologies and creating jobs."
The total budget for the program, which will run from 2023-2032, is subject to review and confirmation following a feasibility study.
Hyundai Heavy Industries Co. is currently developing the country's new 3,500-ton frigates under the FFX Ulsan-class Batch III project that began in 2016.
Additionally, the committee decided to change the lead developer for the upgrade of light torpedoes from the state-run Agency for Defense Development to a local company.