Israel Aerospace Industries (IAI) signed a memorandum of understanding with Sharp Technics and Incheon International Airport to set up a factory in which Boeing 777s will be converted from passenger planes to freight planes.As part of the cooperation, IAI will convert six 777-300ERs and 777-200LRs starting in 2024. This conversion is estimated to take approximately one year. Setting up these factories for conversion around the world is necessary to meet the expected demand for large cargo planes that can fly long distances, said the company.The IAI is developing the conversion of the planes, and expect the licensing for this conversion to be approved in 2023. The 777 is not the only Boeing that IAI converts. The 737, 747 and 767 are all among models currently converted by the company. "In recent years the aerospace industry has shifted the production of its leading executive aircraft wings, main sections and tail parts to Korean companies," said IAI Executive AP and General Manager of the Aviation Group Yossi Melamed."I look forward to continuing and expanding collaborations with Korean companies and the South Korean government."