Korea will expand its space industry development budget to 1.5 trillion won ($1.14 billion) by 2027 and attract 100 trillion won in private investment by 2045 to create 250,000 high-quality jobs, President Yoon Suk Yeol said Wednesday, vowing to position the space business as a key national industry.
“By landing our spacecraft on the moon in 2032 and planting the national flag on Mars in 2045, we are taking a great step towards the future,” President Yoon said at the launch event for the space industry cluster held at Korea Aerospace Industries in Sacheon, South Gyeongsang Province.
The space industry cluster is a national project to foster the private sector-led space industry by designating South Jeolla Province as a specialized district for launch vehicles, South Gyeongsang Province as a specialized district for satellites and Daejeon as a specialized district for space industry professionals, forming a triangular system.
Through this space industry cluster, Korea aims to secure more than 10 percent of the global space industry market share by 2045, thereby becoming one of the world’s top five space powers. “The space industry cluster launched today will lead the way forward,” the president said.
The space industry is one of the future promising industries, with the related market size expected to reach $2.7 trillion by 2040 because new markets such as satellite manufacturing, space network, launch vehicles, mining space resources, tourism and solar power are rapidly growing.
The president said that the space industry cluster would be part of the roadmap to enhance Korea’s presence in this market. The government aims to produce 10 world-class aerospace companies from the strengthened space industry ecosystem by 2045.
Source: Korea Times
