According to Yonhap News,

(SEJONG=Yonhap News) South Korea's trade minister said Wednesday that the government will help the local aviation parts industry expand overseas and more than double its exports over the next four years.

"I will help increase aviation parts exports to US$4.5 billion by 2020 from $1.8 billion in 2015 by strengthening the competitiveness of the local industry and boosting global cooperation," Trade Minister Joo Hyung-hwan said in a business conference in Seoul with Boeing Co., a U.S. aerospace company, and South Korean components suppliers.

Boeing has been one of the biggest buyers for South Korean aviation parts manufacturers as it has bought a total of $2.9 billion over the past 10 years.

The meeting was aimed at giving a glimpse of Boeing's procurement plans for its new aircraft made with state-of-the-art technology like carbon fiber and lithium-ion batteries.

It will also give a chance to South Korean companies to participate in Boeing's development process for next-generation airliners according to the trade ministry.

The trade ministry said the meeting will help the South Korean aviation business enter the global aerospace market and contribute to the country's total exports.

brk@yna.co.kr

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