Ministry of Science and ICT - Space Companies Discuss Follow-up Measures After Korea-US Summit

On the 17th, 'Public-Private TF Meeting on Space Industry Development Strategy' Held

[Asia Economy Reporter Kim Bong-su] The Ministry of Science and ICT announced on the morning of the 17th that it held the 'Public-Private Task Force Meeting on Space Industry Development Strategy' at the 'JK Biz Center' in Seoul.

At the meeting, officials including Yong Hong-taek, the 1st Vice Minister of the Ministry of Science and ICT, and executives from space-related companies such as KT sat attended and reportedly discussed follow-up measures based on the results of the Korea-US summit held on the 21st of last month (US time).

According to the Ministry of Science and ICT, the attendees emphasized the need for a mid- to long-term strategy considering industrial capabilities and technological development levels, and stressed that specific public demand should be presented so that industries can participate in space development with confidence and expand investment. Given the limited demand characteristics of space technology, they also suggested the introduction of contract methods that can guarantee production costs, as the existing research and development execution system alone limits corporate participation.

They also agreed on the need to expand the openness of satellite image information, ensure the smooth development of 6G communication satellites and the Korean Satellite Navigation System, and actively foster the satellite information service industry.

The Ministry of Science and ICT plans to finalize the space industry development strategy draft based on the discussions in the task force through forums involving the National Assembly and experts from related organizations.

1st Vice Minister Yong Hong-taek said, “Globally, as private companies enter the 'New Space' era creating economic benefits through space development, the commercial use of outer space is expanding,” and added, “Taking the Korea-US summit as an opportunity, we will assess the current status of our country's space industry and establish a promotion strategy to create a private-led industrial ecosystem.”