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Serbia wouldn't be able to make them after the break up of Yugoslavia, the aircraft factory was in Mostar, there is no way they can hold on to it. Even if they manage to strip the factory down to the bare walls and bring the tooling to Serbia, reestablishing Ikarus, they would still not be able...

During the 80's Yugoslavia decided that it needs to replace it's fleet of MiG-21 fighters and it needs to be domestically manufactured plane. According to some sources from exYu there were negotiations with State Department and everything was finalised for full F-20 license, but then Yugoslavian...