Japan intends to create its own new generation passenger aircraft by 2035. The plans were announced by the Ministry of Economy, Trade and Industry, The Japan Times reports.

Japanese and foreign manufacturers will be involved in the implementation of the plan. The plan was set out in the government’s approved strategy for the development of the country’s aircraft industry.

The government has long sought to create a domestically produced passenger aircraft. The total investment in this project should amount to $33 billion, which will be used to create an airplane that will run on hydrogen or alternative energy sources.

“Japan needs to dive into profitable and value providing territories other than providing some parts for the airline industry,” the Aerospace and Defense Industry Department of the Ministry believes.

The agency predicts that global demand for air travel will double in 20 years. Mitsubishi Heavy, Kawasaki Heavy Industries, and other manufacturers are major suppliers to Boeing and other aircraft companies, including Airbus.

The first Japanese airplane in half a century was supposed to be Mitsubishi’s SpaceJet. But the program suffered enormous irrecoverable losses and was closed.

Development of the SpaceJet, formerly known as the Mitsubishi Regional Jet, began in 2008. However, the delivery schedule was postponed six times before the COVID-19 pandemic dealt the final blow to the project.

Unlike the previous time, the new project will involve many players, including Subaru, Mitsubishi Heavy and Kawasaki Heavy Industries, and heavy engineering representative IHI.