South Korea will embark on a 190 billion-won ($146 million) project Monday to locally develop a long-range air-to-ground guided missile by 2028, the state arms procurement agency said.

The missile, which will be the country's first domestically developed air-launched one, is to be fitted onto the homegrown KF-21 fighter jet under development, according to the Defense Acquisition Program Administration.

The missile, if developed, will serve as a core asset for South Korea's three-axis deterrence system consisting of three elements for air defense, crisis-period preemptive strikes and a plan to target an adversarial leadership in a conflict, DAPA said.

The development of air-launched guided missiles had been an uncharted territory for the country due to a lack of technologies, such as those for safely mounting missiles on aircraft and separating them for use.

But research from 2019-2021 has confirmed the feasibility of the development project, according to DAPA.

The state-run Agency for Defense Development will lead the missile development project, while a series of local firms, such as LIG Nex1 and Hanwha Aerospace, will participate in the production of a missile prototype, officials said. (Yonhap)