Colombia's Strategic Move: Saab's Fighter Aircraft Deal

Colombia plans to purchase JAS Gripen fighter jets from Sweden's Saab, boosting Saab's stock. The exact number of aircraft ordered is unknown, and Saab has not commented. The deal signifies Colombia's effort to replace its aging Kfir fleet, despite past negotiation failures.

Colombia has announced its intention to acquire a fleet of JAS Gripen fighter aircraft from Sweden's defense giant Saab, according to Swedish public radio SR's Ekot news broadcast. The report, sourced from unnamed insiders, has driven Saab's shares up by 3.0% in Stockholm as of 1428 GMT.

The exact number of aircraft Colombia plans to purchase remains undisclosed, and Saab has not yet issued any official statements regarding the agreement. The move is part of Saab's broader strategy to expand its footprint in the Latin American defense market through its joint production venture with Brazilian company Embraer SA.

Colombia has been seeking to update its aging fleet of Israeli-made Kfir warplanes. In 2022, the country engaged in negotiations with both Saab and France's Dassault Aviation, but discussions stalled, as reported by Colombia's defense minister last year.

(With inputs from agencies.)