Korean Air is aiming to rake in won (W) 3 trillion ($2.77 billion) in operating revenue by 2020 as it expands the aircraft manufacturing capacity at its technology centre.
This means the carrier is expecting to quintuple the revenue figure for its aerospace business from the W600 billion in 2012.
In its newly released "Aerospace Vision 2020", the firm says it will restructure its aerospace business by focusing on new technologies, participate in joint development of civil aircraft, grow its MRO presence, as well as become the strongest exporter of unmanned air vehicles (UAVs) in Asia.
As part of the plan, Korean Air has also signed a memorandum of understanding with Busan city to build its second technology centre in a 230,000sqm (2.48 million sq ft) area near Busan's Gimhae International Airport.
The firm will also expand its existing Busan Tech Centre facility from 710,000sqm to 940,000sqm. The facility will have an aircraft assembly plant, a composite component manufacturing plant, an MRO centre, a centre for joint development of civil aircraft and an automatic logistics centre.
The aircraft assembly line will become a major manufacturing line for UAVs and it will serve as a final assembly line for wing and fuselage parts of large aircraft.
The composite component manufacturing plant, meanwhile, will produce large composite structures for civil aircraft such as the wings of Boeing 737s, and the fuselage and wings of UAVs.
The MRO centre will conduct operational performance improvements and life expansion programmes for military aircraft and provide MRO services for aircraft such as Boeing 787 and Airbus A380.
Korean Air also intends to play a key role and work with manufacturers such as Boeing and Airbus to jointly develop next generation aircraft.
Another of the airline's goals is to make the aerospace industry the core industry of Busan.
Korean Air expects that its operating revenue will increase dramatically in line with the expansion of its Tech Centre. It also expects the supply of composite component structures for 787s, A320s and A350s, which are currently in process, to increase, says the carrier.
In August, Korean Air's parent company Hanjin Group also threw in a bid to take a stake in aircraft manufacturer Korea Aerospace Industries.