KAI, LIG Nex1 and Partners Sign Agreement to Secure Export Competitiveness

Regular Consultative Body Established to Secure Export Competitiveness and Expand Domestic Market

[Asia Economy Reporter Yoo Je-hoon] Korea Aerospace Industries (KAI) announced on the 21st that it signed a 'Memorandum of Agreement (MOA) for Securing Competitiveness in the Aerospace Industry' with major partners at the Plaza Hotel in Jung-gu, Seoul on the 20th.

The signing ceremony was attended by KAI President Ahn Hyun-ho, LIG Nex1 CEO Kim Ji-chan, Hanwha Systems CEO Kim Yeon-cheol, Hanwha Aerospace CEO Shin Hyun-woo, and Kang Sam-su, CEO of EM Korea, the chairman company of the Small and Medium Partner Council.

This is the first time that representatives of major partners have gathered in one place to expand orders. Each company agreed to form a regular consultative body to secure export competitiveness and expand domestic demand through this agreement.

The agreement includes ▲ cooperation in all areas of purchasing, production, and development to strengthen competitiveness ▲ joint market development and cooperation in overseas sales networks and business lines ▲ technical and financial support for cost innovation to each company's partners ▲ efforts to reduce costs through joint purchasing and lowering purchase costs of overseas suppliers. The contents of the agreement will be applied to the export business of domestically produced aircraft ordered by KAI and to domestic official use and additional volume projects.

President Ahn said, "Securing export competitiveness is urgent for the growth of the aerospace industry," and added, "I hope this signing ceremony will become a new momentum for expanding orders."