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2/9/06

Reuters.com: S.Korea joins EU's Galileo project

Reuters.com

S.Korea joins EU's Galileo project

BRUSSELS (Reuters) - South Korea signed up to the European Union's first satellite navigation program, known as Galileo, the European Commission said on Thursday. The program which last month successfully launched the first of some 30 satellites to orbit the earth, challenges the United States' own navigation system, the Global Positioning System (GPS). "After the successful launch of the first GALILEO Giove-A satellite, this new agreement underlines, once again, the ever growing worldwide interest for the program," Transport Commissioner Jacques Barrot said in a statement.

The EU hopes Galileo will be a big boost for the global navigation market. It estimates that by 2020, there will be 3 billion receivers, generating revenues of 275 billion euros ($333.8 billion) a year and creating more than 150,000 jobs in Europe alone.

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