The companies will cooperate on the development of an advanced mission system for a variant of the advanced, high performance, reconnaissance, light aircraft (AHRLAC).
The agreement is an extension of the original contract signed in 2014.
Under the terms of the agreement, Boeing will develop an integrated mission system for the aircraft jointly manufactured by Paramount and Aerosud.
The mission system will enable intelligence, surveillance and reconnaissance (ISR) and light strike missions for AHRLAC.
Boeing Military Aircraft Business Development vice-president Jeffrey Johnson said: "Through AHRLAC, we’ll not only bring a flexible, persistent and affordable aircraft to the international market, but we’ll also be developing world-class technology in Africa.
"Our relationship with Paramount will help us access markets that are new to Boeing."
The AHRLAC is a two-seater aircraft designed for both military and civilian tasking, such as intelligence gathering, close air support, training, cargo transport and light attack missions.
Capable of carrying surveillance, weapons, radar and electronic warfare systems, the aircraft can also be modified for peace-keeping and emergency relief policing, border control, drug control and reconnaissance missions.
Boeing will develop an integrated mission system for the aircraft enabling ISR and light strike missions for the AHRLAC safety & security, and military variants. This militarised version will be known as Mwari.
Image: An aircraft in flight. Photo: courtesy of Paramount Group.