[Muan=Asia Economy Honam Reporting Headquarters, Reporter Yoon Jamin] Kim Young-rok, Governor of Jeonnam Province, stated on the 21st at the Naro Space Center in Goheung regarding the successful launch of the Korean launch vehicle ‘Nuriho’, “As this marks a new beginning toward becoming a space powerhouse, we will establish a space launch vehicle industry cluster to lead Jeonnam in the New Space era.”
Governor Kim, in a congratulatory message on the successful launch of Nuriho, said, “South Korea has taken one step closer to becoming the seventh country in the world to independently possess all technologies from design, manufacturing, certification, to launch of space launch vehicles,” adding, “Although satellite mock-up orbit insertion remains a task, it is expected to succeed in May next year.”
He continued, “I deeply appreciate the efforts of the Ministry of Science and ICT, the Korea Aerospace Research Institute, and space science technicians who have devoted themselves to the successful launch of Nuriho,” and emphasized, “Above all, I extend special thanks to the residents of Goheung County who have endured inconveniences for years and offered unwavering support.”
He also evaluated, “With the advent of the ‘New Space’ era led by the private sector, technological innovation has lowered production cost barriers for launch vehicles and satellites, and the use of solid fuel has become possible, making space development a rapidly emerging new business model for companies,” adding, “Jeonnam, which houses the Naro Space Center, the only domestic space launch site, is the optimal location to foster the global space launch vehicle industry.”
Furthermore, he said, “We will create a ‘space launch vehicle industry cluster’ centered on the Goheung Naro Space Center where technology development, testing and evaluation, certification, and launch of space industry can be conducted in a one-stop manner,” and added, “We will also strive to attract related anchor companies and nurture specialized personnel, with Jeonnam taking the lead in equipping South Korea’s space industry with global competitiveness.”
Meanwhile, Morgan Stanley, one of the world’s top three investment banks, recently projected that with the emergence of the private sector-led ‘New Space’ era, the global private space market size will increase 3.2 times from $348 billion (392 trillion KRW) in 2017 to $1.1 trillion (1,239 trillion KRW) by 2040.
The government is also promoting policies to shift the space industry from state-led to private-led in line with this trend. In particular, it is pushing for amendments to the ‘Space Development Promotion Act’ to establish grounds for designating space industry clusters, providing financial and tax benefits to private companies, opening government space development facilities to the private sector, and supporting space startups and workforce development.
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