Industry ministry, Boeing BDS discuss joint projects

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Industry ministry, Boeing BDS discuss joint projects

Published: 13 Apr. 2023, 18:37 Updated: 13 Apr. 2023, 18:52

Theodore Colbert III, left, CEO of the Defense, Space & Security division of Boeing, and Lee Chang-yang, Minister of Trade, Industry and Energy, pose for a photo during a meeting held Thursday at the Four Seasons Hotel in Jongno District, central Seoul. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

Korea’s Industry Minister met with Boeing executives to discuss possible joint projects in aerospace and defense.

Both parties are seeking to sign a memorandum of understanding (MOU) for a joint research and development (R&D) project, according to the ministry.

On Thursday, Minister of Trade, Industry and Energy Lee Chang-yang met with Theodore Colbert III, president and CEO of Boeing’s Defense, Space & Security (BDS) division, in Jongno District, central Seoul.

Colbert's visit to Korea is the first by a CEO of Boeing’s BDS division in 10 years, according to the U.S. aircraft manufacturer.

Agenda items discussed during the meeting included jointly developing aerospace technologies for both commercial and security purposes; scaling up Boeing’s investment in Korea; enhancing domestic suppliers’ involvement in Boeing’s supply chain; holding the Boeing Aerospace Industry Forum annually in Korea; and expanding the Boeing Korea Engineering & Technology Center, which was founded in 2019 and has 65 local research personnel.

The Industry Ministry said that it proposed signing an MOU and establishing a working group for joint R&D projects in aerospace chips, urban air mobility systems and more.

Boeing responded that the general outline for the joint R&D agreement has been decided, and that it will internally discuss the scale and methods of possible investments in Korea, according to the ministry.

The meeting came after the U.S. company hosted the Boeing Aerospace Industry Forum in Busan from April 3 to 6. It was the first time in 8 years that Korea hosted the event.

“We appreciate Boeing’s active investment in Korea and cooperation with Korea’s companies and institutions in aerospace and defense sectors,” said Lee, and promised “stronger tax support for foreign-invested enterprises and bigger investment incentives in the advanced industries.”

Boeing also signed an MOU with the Defense Acquisition Program Administration (DAPA) that day to co-develop advanced weapon systems, with DAPA Minister Eom Dong-hwan and Colbert in attendance.

Details of the joint development project will be decided within this year.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]