No date for the start of construction of the facility was given but Boeing said a Memorandum of Understanding for it has been signed with the province of Gyeongsangbuk-do and the city of Yeongcheon.
"Boeing continues to improve its services by bringing them closer to our customers, reducing turnaround time and costs for mission-essential components," said Joe Song, vice president of International Business Development - Asia-Pacific for Boeing Defense, Space and Security.
"Over the past half century of working in partnership with the Republic of Korea, Boeing has come to know Korea's strong infrastructure and the excellent knowledge and talent base of its people and industry.
"We can tap into that as we expand our presence locally and grow our operations while supporting Korea's development objectives."
The South Korean air force operates F-15K Slam Eagles and Boeing supports the fleet with a performance-based logistics program.
Under the MOU, the MRO facility will be in the Yeongcheon Industry District of Daegu-Gyeongbuk Free Economic Zone, close to Daegu air base.
The provincial government plans for the area to be the location of an aerospace industry corridor.
"Partnering with a global leader like Boeing will help attract investment from local and international aerospace companies, secure government support and fuel our plans to establish an aviation-parts cluster here," said Gyeongsangbuk-do Gov. Kim Kwan-yong.
"Adding high-tech, value-added business such as avionics to the Gyeongsangbuk-do region will open new doors for local industry, create more jobs for high-skilled workers and support technological competitiveness."