Domestic and foreign universities and a European aerospace company have decided to establish the Aerospace Engineering Research Institution at Inha University.

Presidents and executives of Inha University, Hankuk Aviation University, the University of Southern California and the French-based Airbus company signed an agreement on Friday on the establishment of the Research Institution and joint participation on aerospace research projects.

According to Korean Air, Airbus will provide a five-million dollar annual research fund for ten years as well as related software and hardware for the joint research projects.