KAI aims to become world's No. 7 aerospace company by 2050

Korea Aerospace Industries Ltd. (KAI) seeks to become the world's No. 7 aerospace company by 2050, aiming to rival the likes of global defense giants Boeing and Airbus by boosting sales to 40 trillion won ($32 billion).

KAI on Thursday said its President Kang Gu-young on the day before announced this plan at the proclamation ceremony for the Global KAI 2050 vision at company headquarters in Sacheon, South Gyeongsang Province.

"Samsung, Hyundai and Daewoo opened Korea’s land and sea routes to the world," he said in a presentation. "Allow KAI to open the way to the skies and space."

"KAI has led the (domestic) aerospace industry over the past 40 years and if the spirit of insight, challenge, passion and creativity embedded in our DNA is revived, we can make a quantum jump to become a world-class company," he added. "We will be Asia's leading company (in the sector) that rivals Boeing and Airbus."

The company's new slogan, "Global KAI Beyond Aerospace," conveys its intent to not just become an aerospace venture but also a leading corporation worldwide.

The company plans to obtain long-term growth momentum by expanding its military and civilian export markets and develop a future platform to create sustainable future-oriented industries over the next 30-50 years. It will also assess the nation's potential for making sixth-generation fighters and high-mobility helicopters and prepare related strategies early by securing core technologies.

KAI will also build its own platform for autonomous aerial vehicles, a technology needed to form the ecosystem for Korea Urban Air Mobility.

To achieve these goals, KAI through 2027 will invest 1.5 trillion won in research and development (R&D). Afterwards, it will boost R&D investment over the next six to 10 years to 3 trillion won, or equal to 5%-10% of sales.

Write to Seo-Woo Jang at suwu@hankyung.com