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| Korea Aerospace Industries CEO Kang Goo-young speaks during a press conference at the Air Force hotel in Seoul, Friday. Courtesy of Korea Aerospace Industries |
By Lee Hyo-jin
Korea Aerospace Industries (KAI), the country's sole aircraft manufacturer, aims to rise as the world's No. 7 aerospace company by 2050 through extensive investments in next-generation businesses, including sixth-generation fighter jets.
The ambitious goal was unveiled by the company's CEO Kang Goo-young during a press conference held in Seoul, Friday, where he laid out his "Quantum Jump" strategy with a goal of reaching a yearly revenue of 40 trillion won ($33 billion) by 2050. KAI logged 2.87 trillion won in revenue last year.
"We will invest 1.5 trillion won in the research and development sector throughout 2027, and 3 trillion for the next five years from 2028," said Kang, who admitted that KAI has fallen four to five years behind its competitors due to a lack of long-term investment in future growth.
"If we don't invest now, we will not be seeing continuous growth in the decades to come," he said.
The investments will enable KAI to launch next-generation aerospace projects, including the development of sixth-generation fighter jets, eco-friendly aircraft and a new platform for advanced air vehicles (AAV).
Spurred by a mega deal with Poland signed last year to export 48 FA-50 light attackers, KAI will continue to expand its presence in the European market. It is also eyeing new export opportunities in the Middle East and South East Asia.
"We are expecting to hear some good news from the United Arab Emirates (UAE) this year, and will concentrate on our talks in Egypt to be selected as a preferred bidder," Kang said.
He also stressed that the United States remains one of the most significant markets for KAI, sharing plans to make all-out efforts there from 2024.
The CEO also welcomed the planned establishment of a space agency in Sacheon, South Gyeongsang Province, where his company is based. The region was selected as the location for the new vice-ministerial-level aerospace agency that will solely deal with space-related tasks.
"The fact that the agency is being launched in Sacheon means that relevant policies will be more focused on industrial aspects, not only on R&D," said Kang. "Together with the agency, we will be able to play a bigger role in Korea's aerospace technology."
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