KAI, POSCO International, and FEMIA sign MOU to expand aerospace cooperation in Mexico and Latin America

By Kim Eun-jung

SEOUL, Sept. 28 (Yonhap) -- Korea Aerospace Industries Ltd. (KAI) said Monday it will work with POSCO International Corp. and a Mexican aerospace industry group to strengthen aerospace cooperation in Mexico and explore opportunities in the broader Latin American market.

KAI, POSCO International and the Mexican Federation of Aerospace Industry (FEMIA) signed a memorandum of understanding (MOU) on aerospace industry cooperation on the occasion of President Lee Jae Myung's state visit to Mexico last week.

Under the agreement, KAI plans to develop business models involving supply chain cooperation and explore new business opportunities in Latin America. POSCO International will support efforts to integrate selected Mexican companies into KAI's aerospace manufacturing supply chain.

FEMIA, which represents more than 100 member companies, will facilitate exchanges with Mexico's aerospace ecosystem, help identify potential local partners and provide information on relevant government policies.

"Building on our cooperation with Mexico, we will accelerate efforts to expand the FA-50 light combat aircraft into Central America and expand our foothold into the North and South American markets in the future," KAI Chief Executive Officer (CEO) Kim Jong-chul said in a release.