SEOUL-- South Korea's state arms procurement agency signed a 154.9 billion-won (US$118.9 million) contract with a local firm Thursday to develop a new lightweight torpedo by 2029 for stronger maritime security operations, its officials said.

The Defense Acquisition Program Administration (DAPA) inked the contract with LIG Nex1 for a defense project aimed at bolstering combat capabilities of the Navy's frigates and other surface vessels, according to DAPA.

The project comes amid the growing need to upgrade its existing torpedo platform, developed in 2004, whose operation has faced difficulties due to some aged component parts having gone out of stock.

Source: Yonhap News Agency