S. Korea, Boeing to boost ties in aerospace, defense fields

▲ discussed This file photo taken Nov. 1, 2019, shows the Boeing Korea Engineering & Technology Center in Seoul. (Yonhap)

S Korea-Boeing

S. Korea, Boeing to boost ties in aerospace, defense fields

SEOUL, April 13 (Yonhap) -- The South Korean government and Boeing discussed ways Thursday to enhance cooperation in aerospace and defense industry fields, through joint research and development projects and investment, Seoul's industry ministry said.

Industry Minister Lee Chang-yang met with Theodore Colbert, CEO of Boeing Defense, Space & Security, in Seoul, who visited South Korea to explore business chances with major firms here, including the Korean Aerospace Industries Co., Hanwha Group and the Korean Air Co., according to the Ministry of Trade, Industry and Energy.

During the meeting, Lee asked for Boeing's attention to South Korean firms seeking partnership with the U.S. defense giant for the development of systems and components for future civilian and military aircraft.

He also proposed a memorandum of understanding (MOU) on pushing for joint R&D projects on aerospace semiconductors, digital manufacturing and urban air mobility systems.

Lee expressed gratitude for Boeing's active investment in South Korea, and stressed that the Seoul government will offer greater tax benefits and other incentives for foreign investors.

In response, Boeing said it will review details of its potential investment in South Korea following discussions with major firms and will actively push for signing the MOU for joint projects on advanced technologies.

The company also plans to expand its technology center in Seoul, Boeing Korea Engineering & Technology Center, which was been in operation since 2019, to turn it into the company's global R&D hub, the ministry said. The center has 65 South Korean researchers.

Earlier this month, Boeing held a forum on supply chains of the aviation and space industries in the southeastern city of Busan for the first time in eight years, where some 70 South Korean companies had business consultations with Boeing.

The industry ministry requested Boeing hold an aviation and space forum on a regular basis, and Boeing responded positively, according to the ministry.

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