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Aerospace & Defense Industries

South Korean jet maker KAI takes $2bn leap into space race

Satellite launch business projected to help drive tripling of revenue by 2030

About 300 South Korean companies participated in the development of the Nuri satellite launch vehicle. (Photo courtesy of Korea Aerospace Research Institute)

SEOUL -- Korea Aerospace Industries, the South Korean defense contractor and the country's sole aircraft manufacturer, will spend 2.2 trillion won ($1.87 billion) in the space industry over five years to capture burgeoning demand abroad.

The company, known better as KAI, has cultivated a relationship with countries in Southeast Asia and the Middle East through defense deals, and plans to secure contracts from such nations lacking launch capabilities to send satellites into space and manage associated telecommunication operations.

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