With new space cluster, Yoon vows to boldly go where Korea has never gone before

President Yoon Suk Yeol pledged to boost Korea's aerospace development budget to more than 1.5 trillion won by 2027 during an event to launch a new space industry cluster on Tuesday.

President Yoon Suk Yeol, left, takes part in a ceremony launching a space industry cluster comprised of Daejeon, South Gyeongsang and South Jeolla at the Korea Aerospace Industries headquarters in Sacheon, South Gyeongsang, on Wednesday. [JOINT PRESS CORPS]

President Yoon Suk Yeol pledged to boost Korea's aerospace development budget to more than 1.5 trillion won ($1.14 billion) by 2027 during an event to launch a new space industry cluster on Tuesday.

"We will attract 100 trillion won in private investments by 2045 and create more than 250,000 quality jobs," Yoon said in a congratulatory speech during the ceremony held at Korea Aerospace Industries (KAI) in Sacheon, South Gyeongsang. He said the cluster is expected to bring together 1,000 space companies and grow at least 10 of them into "world-class space companies."

The space industry triad will comprise Daejeon and the South Gyeongsang and South Jeolla regions. This triangular cluster aims to establish a private-led space industry development system with South Gyeongsang specializing in satellites, South Jeolla in launch vehicles and Daejeon in research and talent development.

Sacheon is also the site of the headquarters of the new Korea Aerospace Administration (KASA) — a Korean version of NASA — to be launched in May, one of Yoon's key campaign pledges.

"In the near future, space powerhouses that lead in the space economy will also lead the world," Yoon said. "Korea must also challenge itself more vigorously toward space, an enormous market with infinite opportunities."

Yoon promised to increase Korea's space market share, currently standing at 1 percent, to over 10 percent by 2045.

This comes as Korea is ready to "take a big step toward the future," Yoon said, by officially landing a spacecraft on the moon and exploring its surface in 2032 and planting a national flag on Mars by 2045.

President Yoon Suk Yeol tours next-generation satellite facilities at the Korea Aerospace Industries headquarters in Sacheon, South Gyeongsang, on Wednesday. [JOINT PRESS CORPS]

"I expect that the space industry cluster launched today will lead the way in the future," he added, recounting his administration's efforts to build a space economy roadmap and outlining its vision.

Yoon underscored that the government would take responsibility for building the necessary core infrastructure, such as a rocket launch facility, that private companies cannot build individually.

The government plans to hasten a preliminary feasibility study for a South Jeolla space launch vehicle industrial complex and complete the creation of a South Gyeongsang aerospace industrial complex within the year. It will also establish a space technology innovation training center in Daejeon at the end of 2028.

A public-private space matching fund created last year is expected to be doubled by 2027 to 100 billion won.

"The space industry cluster will become a base camp for space navigation, where Korean youths and companies can freely challenge themselves and achieve their dreams," Yoon said, pledging the government's strong support for its success.

Korea aims to become one of the top five global space technology powers.

"We now must boldly move forward toward space," Yoon said. "Following the 'Miracle on the Han River' and the 'Miracle of semiconductors,' the next will be the 'miracle of the universe.'"

This marks Yoon's second visit to KAI since November 2022.

Some 450 people attended the launch ceremony, including Minister of Science and ICT Lee Jong-ho, South Gyeongsang Gov. Park Wan-su, South Jeolla Gov. Kim Yung-rok, Daejeon Mayor Lee Jang-woo, businesspeople, researchers and students.

BY SARAH KIM [kim.sarah@joongang.co.kr]