Boeing and north Gyeongsang Province (Gyeongbuk) and Yeongcheon City signed a memorandum of understanding in early September to establish an avionics maintenance, repair and overhaul (MRO) facility that will service avionics components for Korea Air Forces fleet of F-15K.
The facility, which will be located in the Yeongcheon District of Daegu-Gyeongbuk Free Economic Zone, will help support the area's Aero Techno Velley vision of boosting a high-tech aerospace industry and expanding in-country avionics capabilities.
Boeing has not unveiled the investment size, schedule and the scope of operation but will negotiate details with the Gyeongbuk local government.
Behind Boeing's decision to build the MRO facility in Yeongcheon lies its proximity to major military bases and other Asian countries.
In addition, Gyeongbuk is home to Korea's major aviation companies including LIG NEX1 and Samsung Thales.
"Our partnership with the global company Boeing will accelerate our aviation component cluster project, which is expected to create quality jobs and enhance our technological competitiveness," said Gyeongbuk Governor Kim Gwang-yong.
"We will grow our presence in Korea and do our best to develop Korea's aviation industry," said Vice President of Boeing Joseph Song.
Source: Yonhap News (Sep. 3, 2012)