(Bloomberg) -- Thailand’s air force plans to seek about 19 billion baht ($538 million) from state budget to buy new fighter jets to replace its aging fleet.

The Royal Thai Air Force has set up a committee to consider buying either F-16 Block 70 made by Lockheed Martin Corp. or Gripen E from Sweden’s Saab, commander-in-chief Punpakdee Pattanakul said on Tuesday.

With the budget being limited, the air force will look at the offset benefits to the economy from the procurement, Punpakdee said. 

The US last year rejected a bid by Thailand to immediately purchase F-35A stealth fighter jets, citing a long waiting period and requirement of heavy investment in infrastructure and training. 

The air force will require the money in phases starting from the budget for fiscal year starting Oct. 1 until the delivery is completed, which may take take seven to 10 years, Punpakdee said.

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