Lee unveils southern aerospace industry belt

President Lee Jae Myung on Friday pledged to create an "aerospace industry belt" along the country's southern coast, calling it one of the new growth engines that Korea will seek to nurture in an effort to compete in future global markets.

Lee made the pledge while announcing investment plans for the country's southern region at an event in the southeastern city of Jinju, as part of the government's broader "three mega projects" initiative, which calls for large-scale investments in semiconductors, physical artificial intelligence and AI data centers.

Lee said large-scale investment will be made to foster the region's next-generation semiconductors, AI data center and physical AI industries, transforming its industrial manufacturing bases into intelligent industries.

In particular, the government plans to "establish a southern coast aerospace industry belt that will encompass satellites, rockets, next-generation aircraft and the new space industry," Lee said, calling them new growth engines to be driven by the region.

The president cited the southeastern Yeongnam region's concentration of industrial complexes, major automobile and shipbuilding industries, and steel production facilities, describing it as the country's No. 1 manufacturing hub.

"If physical AI, and other advanced technologies and industries, including aerospace, are combined with this strong manufacturing foundation, Korea will be able to spearhead future global markets," he said.

The president pledged to actively provide government support to help aerospace firms in the Yeongnam region grow into leading global players.

Friday's event was the final leg of Lee's three regional events to unveil investment plans in advanced industries, including in the southwestern Honam and central Chungcheong regions, as the government seeks to align the broader advanced industry investment initiative with its balanced regional development strategy.

Presiding over a separate meeting of the National Space Committee in Jinju, the president also pledged to nurture the country's aerospace industry as a foundation for national security and a new growth engine for the economy.

Yonhap