Korea to invest 1.5 trillion won into space exploration by 2027

The goal of the latest plan is to turn Korea’s budding space economy into one of the nation’s staple industries.

Prime Minister Han Duck-soo, right, speaks during a National Space Committee meeting held Wednesday at the government complex in central Seoul. [YONHAP]

Korea will pour 1.5 trillion won ($1.2 billion) into space exploration by 2027, double the 0.7-trillion-won budget of the past five years.

The funding is part of a five-year policy plan approved by the National Space Committee Wednesday, which involves building infrastructure for private launches and gaining space transportation capability.

The announcement came after President Yoon Suk-yeol declared to achieve a moon landing by 2032 and Mars landing by 2045 on Nov. 28.

Chaired by Prime Minister Han Duck-soo, the National Space Committee held its first meeting under the Yoon Suk-yeol administration on Wednesday at the government complex in central Seoul.

The National Space Committee, which operates directly under the presidential office, is the highest administrative authority of the country’s space programs.

During the Wednesday meeting, the committee approved the Fourth Master Plan for Space Development Promotion. The space development master plan, which is newly established every 5 years, sets the country’s mid and long-term goals in space development.

The goal of the latest plan is to turn Korea’s budding space economy into one of the nation’s staple industries.

The government hopes to expand Korea’s share in global space revenue from the current 1 percent to 10 percent by 2045.

The plan includes gaining space freight transportation capability in the 2030s and manned transportation by 2045.

The establishment of the space agency, which was announced in November, was also included in the master plan.

The government plans to establish an aerospace agency next year, which will oversee government-led space programs currently scattered across various departments and agencies.

Named the Korea Aerospace Administration, the new space agency will operate under the Ministry of Science and ICT.

A military-private cooperation system for space programs will be set up as well.

Infrastructure expansion, technology transfer to the private sector and a research project on reusable launch vehicles were also included in the plan.

The government added that it will participate more actively in global space projects, such as the NASA-led Artemis project, and expand cooperation with developing countries.

The National Space Committee also finalized the establishment plan of “a space industry cluster,” consisting of three pillars.

A specialized district for the launch vehicle industry will be set up in South Jeolla, where the Naro Space Center is located. Infrastructure for private launches will be built in the area.

Another for satellites will be set up in South Gyeongsang. Hanwha Aerospace, which has been chosen by the Science Ministry for technology transfer of Korea’s first domestically developed launch vehicle, is based in Changwon, South Gyeongsang.

A research and education-focused district to foster space experts is expected to be established in Daejeon.

The government is also pushing for a 1.4-trillion-won microsatellite system development project for defense purposes, conducted by the Science Ministry, the Defense Ministry and the Korean Coast Guard.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]