It would be nice if they could reproduce the success of the mig-21 with a single-engine economical stealth aircraft. The f-16 is a modern mig-21 in my opinion, but it is getting expensive.
Such an aircraft already exists: it's called the JF-17.
Then there is also the SAAB JAS 39 Gripen and the HAL Tejas as well.
Reproducing the sales of the MiG-21 is going to be a lot more difficult this time round for financial and political reasons.