Ministry of Science and ICT Holds Forum on Space Industry Development Strategy

The 2nd Public-Private Task Force (TF) Meeting and Forum on Space Industry Development Strategy Held

[Asia Economy Reporter Cha Min-young] The Ministry of Science and ICT announced on the 29th that it held the "2nd Public-Private Task Force (TF) Meeting and Forum on Space Industry Development Strategy" to gather opinions from industry, academia, and research sectors on the draft strategy for fostering the space industry.

The Korea Legislation Research Institute presented a bill to amend the Space Development Promotion Act to institutionalize the system improvement measures proposed in the draft space industry strategy.

Participants in the forum expressed that a significant portion of the issues raised for the development of the space industry have been included in the promotion strategy. They particularly emphasized the importance of expanding corporate participation through the introduction of contract methods. Opinions were also presented that government-level investment is necessary to nurture space venture companies and startups.

Based on the opinions raised at this forum, the Ministry of Science and ICT plans to supplement the space industry development strategy and finalize it through the National Space Committee. Next month, the amendment bill to the Space Development Promotion Act will be announced for legislative notice, with plans to revise the Act in the first half of next year.