According to Globes, an Israeli business news periodical, the board of government-owned Israel Aerospace Industries (IAI) has approved the development of an advanced model of Gulfstream Aerospace’s G280 super-midsize business jet, which it manufactures under license.

It said IAI will invest $80 million in the jet and Gulfstream will invest a matching amount.

As previously reported by The Weekly of Business Aviation, IAI’s plan to manufacture various types or new versions of its current products is part of the company’s strategy to increase the sales of its business jet manufacturing department, part of IAI’s new aviation group. The group, which started operations in January, intends to accelerate the company’s effort to become a partner on the design and production of a new business jet along with other initiatives.

The general agreement with Gulfstream is part of Gulfstream’s effort to keep the G280 production line in operation. Gulfstream launched the G280 in 2008. Deliveries began in 2012. To date, the company has manufactured 166 G280s, including airframes currently being completed for customers, according to the Aviation Week Network.