The Korea Aerospace Research Institute says it is seeking to invite foreign aerospace companies to set up their R&D centers and factories in South Korea in a bid to help develop the domestic aerospace industry.

An official at the Institute said on Monday that the KARI is currently holding consultations with several aerospace firms from Europe in a bid to convince them to set up their facilities in South Korea.

The official said the project would reach a more advanced stage in the first half of the year.