In September 2003, China intended to join the European Galileo positioning system project and was to invest €230 million (USD296 million, GBP160 million) in Galileo over the next few years. At the time, it was believed that China's "BeiDou" navigation system would then only be used by its armed forces. In October 2004, China officially joined the Galileo project by signing the Agreement on the Cooperation in the Galileo Program between the "Galileo Joint Undertaking" (GJU) and the "National Remote Sensing Centre of China" (NRSCC). Based on the Sino-European Cooperation Agreement on Galileo program, China Galileo Industries (CGI), the prime contractor of the China’s involvement in Galileo programs, was founded in December 2004. By April 2006, eleven cooperation projects within the Galileo framework had been signed between China and EU. However, the Hong Kong-based South China Morning Post reported in January 2008 that China was unsatisfied with its role in the Galileo project and was to compete with Galileo in the Asian market.