South Korea's Space Industry Targets Entry into Australian Market

Online Korea-Australia Space Industry Technology Exchange Meeting to be Held on 17-18

[Asia Economy Reporter Kim Bong-su] The Korea Aerospace Research Institute (KARI) announced on the 15th that it will hold the 'Korea-Australia Space Industry Technology Exchange Meeting' to strengthen cooperation between Korean and Australian industries and to discover cooperation demands in the space sector.

The Korea-Australia Space Industry Technology Exchange Meeting, held online for the first time from the 17th to the 18th, is an event to introduce Korea's competitive space industries to Australia and to explore participation plans and mutual cooperation demands in the space sector promoted by Australian institutions and industries. The event is co-hosted by KARI, the Embassy of the Republic of Korea in Australia, Austrade, and Griffith University, and is supported by the Ministry of Science and ICT and the Australian Space Agency.

At this exchange meeting, space agencies, universities, and industries from Korea and Australia will participate to introduce their activities and technological capabilities in various space fields. They will discuss ongoing practical cooperation between the two countries regarding the development of the Korean Positioning System (KPS) and space situational awareness (including space objects and space debris issues).

Korea sees this as a good opportunity for domestic space companies, which have secured competitiveness in space equipment manufacturing through satellite and launch vehicle development, as well as startups in small and micro satellites, private launch vehicles, ground stations, and satellite information utilization sectors, to explore overseas expansion. In March, Korea launched the first next-generation medium-sized satellite, produced using a standardized modular method enabling mass production and sales. Korea is also aiming to enter the space launch market through the first space launch vehicle, Nuri, scheduled for launch in October. Especially, following the recent Korea-US summit agreement allowing the development of solid-fuel rockets, Korea plans to pioneer the micro-satellite launch market within three years.

Lee Sang-ryul, President of KARI, said, “We plan not only to actively transfer the space technologies accumulated by KARI to the private sector and support companies' growth through technical assistance but also to actively support domestic space companies in expanding overseas.”