The industrial giant aspires to compete with European consortium Arianespace and Boeing-led Sea Launch but had previously only had business from inside Japan.

"With this order as a start, we hope to receive more satellite launch orders," said a spokesman for Mitsubishi Heavy, which signed the deal Monday with the Korea Aerospace Research Institute (KARI).

The institute wants to launch the Korea Multipurpose Satellite-3 (KOMPSAT-3), which carries high-resolution optical imaging tools used to monitor agriculture, oceans and other geographical data.

Mitsubishi Heavy declined to disclose the price of the contract.

But the company has repeatedly expressed hopes of reducing the amount it charges for a launch from about 90 million dollars to around 60-70 million dollars, to bring it in line with overseas rivals.

The company plans to launch other satellites with the KOMPSAT-3 so that the cost can be shared among customers, the spokesman said.

The Japanese government in 2002 privatised space launches and gave Mitsubishi Heavy full control of the project.

The next launch of the H-2A is set for later this month to deliver several satellites, including Japan's Ibuki, which will monitor greenhouse gas emissions.

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