President Lee Jae Myung Announces Aerospace Industry Plan for South Korea's Southern Coast

President Lee Jae Myung pledged on July 3 to create an aerospace industry belt along South Korea's southern coast that will cover satellites, rockets, next-generation aircraft and the new space industry. Lee made the announcement at an event in the southern city of Jinju in South Gyeongsang Province.

The aerospace belt is one element of the government's three mega projects initiative, which directs large-scale investment toward next-generation semiconductors, AI data centers and physical AI industries.

The president said the investments will transform industrial manufacturing bases in the southern region into intelligent industries and position the area as a source of new growth engines for global markets. "The government plans to establish a southern coast aerospace industry belt that will encompass satellites, rockets, next-generation aircraft and the new space industry," Lee said during the event.