Jet Project
GE Korea President Kang Sung-wook said on August 21 that his company will share its expertise in the aviation industry with the Korean government and enterprises so as to lead the growth of the sector, which is a new growth driver of Korea.
“We will work more closely for engine development, self-development of components, marketing, and overseas market penetration once the specific plans of the Korean Fighter eXperimental Project are finalized,” he said during the company’s business strategy announcement for the latter half of 2014 held at the Chosun Hotel in Seoul.
The Korean Fighter eXperimental (KF-X) Project he mentioned is also known as the Boramae Project. At present, the government is about to make its final decision about the launching of the plan, and GE Korea is looking to participate in it as an engine supplier.
GE Korea has assembled and produced the F404 engine for the T-50 ultrasonic trainer and moved the assembly lines for the LM2500 engine of aegis ships and the T700-701K engine of Surion helicopters. It purchased components and parts worth US$745 million from Korean companies until last year while creating 1,300 jobs. It has been in cooperation with Korean corporations in various fields as well, ranging from shipbuilding and power generation to water treatment and healthcare. Its investment in Korea has exceeded US$3 billion.