Seoul: Hanwha Aerospace Co. and Korea Aerospace Industries (KAI) Ltd. have tentatively agreed to pursue joint future projects under a goal to strengthen the competitiveness of South Korea's defense sector, the companies said Friday. Under a memorandum of understanding (MOU) signed Thursday, the two sides plan to seek joint projects, including the development and exports of unmanned aerial vehicles (UAVs), and aircraft equipped with domestically produced engines.
According to Yonhap News Agency, the partnership is expected to create strong synergies, as KAI is South Korea's sole full-scale aircraft developer, while Hanwha Aerospace is the country's leading aircraft engine producer. The companies said their cooperation could extend to the development of advanced aircraft engines for future KF-21 fighter jets, as well as joint expansion into the global UAV market.
Top executives from the companies will hold regular joint meetings to establish a cooperation framework aimed at reducing unnecessary competition and building a win-win growth model for Korea's aerospace and defense industry, according to the firms.