he public and private sectors of Korea set a goal of being able to independently develop key technologies such as aircraft engines and electronics within 10 years. To do this, 1.8 trillion won (US$ will be invested for five years.
The Ministry of Commerce, Industry and Energy (MOCIE) held an industry-academy-research institute meeting to discuss the development of the aviation industry at the Plaza Hotel in Sogong-dong, Seoul on April 19 and announced strategy on the development of the aviation industry during the 4th industrial revolution era.
The ministry proposed three policy directions for developing Korea into an aviation powerhouse — securing future core technologies such as engines, aviation electronics, lightweight new materials, expanding into global markets and creating new markets and building an ecosystem with Korea"™s all capabilities.
With an eye towards localizing core aviation technology such as engines and aviation electronics within the next 10 years, the government will invest 1.8 trillion won in the next five years. Until 2025, Korea will be able to develop engine technology on its own, and aviation electronics and lightweight new materials will be developed as well. PAV technology will also be preemptively developed so a prototype will be launched by 2022.
In addition, the government will dial up the market size (currently US$5.1 billion) more than four-fold by the end of 2025. For this objective, Korea will expand orders for parts from overseas, secure the domestic market in connection with the Korean military demand, commercialize and export finished military aircraft, and pursue niche markets. Also in the works are plans to receive more orders by strengthening offset trades and participate in the joint development of new civilian aircraft through global partnership projects with Europe and the US among others. In order to secure competitiveness in new markets such as drones, PAVs, and services, the government will rise the public demand up to 200 billion won (US$180 million) for three years…
