Cathay Pacific has announced a deal with Boeing that will bolster its freight operations.

The agreement has been valued at $1 billion (£603 million) and represents a significant investment by the company. 

John Slosar, chief executive of Cathay Pacific, said the agreement will help the firm achieve its objective of "combining superb operating economics with a significant reduction in emissions" on its ultra-long-haul routes.

He added the addition of the 747-8 Freighter and 777-300ER to the fleet will form the "backbone of our long-haul passenger and freighter fleets through to the end of the decade".

Cathay Pacific, which is Hong Kong's flag carrier, is currently in the process of overhauling its fleet and replacing it with newer, more efficient airplanes as it seeks to cement its position as a market leader in the air cargo business.

Boeing Commercial Airplanes President and chief executive officer Ray Conner added the "enduring confidence" demonstrated by Cathay Pacific in its airplanes is great to see.