The government has signed onto the European Union’s project to develop a satellite navigation system.

The Foreign Ministry expects that Seoul's participation in the “Galileo Project” would boost the nation’s exports of satellite navigation-related equipment to EU countries to around three billion U.S. dollars by 2010.

South Korea is also hoping the joint project will lead to the diversification of tools for satellite navigation.

The system being developed under the project is expected to compete with the global positioning system (GPS) of the United States by offering more precise information and wider coverage.

Sponsored by the European Commission and the European Space Agency, the Galileo project will send precise data to drivers, sailors, and mobile phone and computer users, allowing them to find their exact location on the surface of the planet via 30 satellites.

The technology is expected to be operational by 2008 and also improve disaster prevention and safety management efforts.