South Korea's Space Industry, Changwon City Keeps It 'Jjimggong'

Mayor Hong Nampyo Congratulates Hanwha Aerospace on Being Prioritized for Korea-type Launch Vehicle Advancement Project

Hanwha Aerospace. [Image source=Gyeongnam Changwon Special City Hall]

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] “Hanwha Aerospace, along with 1.03 million citizens, congratulates being selected as the preferred negotiation partner for the Korea-type launch vehicle advancement project system integrator.”

On the 7th, Hong Nampyo, Mayor of Changwon Special City, Gyeongnam, expressed his welcome regarding Hanwha Aerospace being chosen as the preferred negotiation partner for the Ministry of Science and ICT’s project.

Mayor Hong said, “In the economic situation where citizens’ lives and corporate activities are facing many difficulties due to the aftermath of COVID-19 and international conflicts, we are delivering joyful news for the future regional industry.”

According to Changwon City, Hanwha Aerospace, established in 1977 in the Changwon National Industrial Complex, is a leading domestic aerospace company that has participated in the development of the Nuri launch vehicle, focusing on aircraft engines.

Selected for a project with a total investment scale of 687.3 billion KRW, Hanwha will, based on this selection, jointly oversee four repeated launches of the Nuri rocket with the Korea Aerospace Research Institute by 2027, and will receive the entire cycle of launch vehicle development technology transferred from KARI.

Mayor Hong evaluated, “The selection of Hanwha Aerospace, a representative aerospace company of our city, is not simply participation in launch vehicle development,” adding, “It signifies leading the full-scale fostering of the New Space era and Changwon City’s strategic preemption of the space industry.”

The city expects an economic ripple effect worth about 1 trillion KRW, including a production inducement effect of 209.3 billion KRW, employment inducement of approximately 990 jobs, and anticipates increased cargo volume at Masan Gaposhin Port and revitalization of the local commercial district.

According to the city, the global market size of the space industry is expected to grow to 1 trillion USD by 2040, and the government is known to plan investments worth 40 trillion KRW by 2030 for satellite development beyond launch vehicles.

Accordingly, the city plans to establish and implement a ‘Leading Space Components City’ strategy centered on Hanwha Aerospace, tailored to the demand for space parts industry through specialization in materials, parts, and equipment (SoBuJang).

It will also discover future growth industries by linking with new future mobility industries such as Urban Air Mobility (UAM).

Mayor Hong said, “Changwon City will preempt Korea’s space industry from the ground to space,” and added, “Through this project, we will develop cutting-edge space parts industry into a major local industry.”