'Sacheon Hosts "Space Industry Cluster Launch" Event
Space Development Budget to Expand Over 1.5 Trillion Won by 2027'
President Yoon Suk-yeol delivers a congratulatory speech at the "Korea Space Industry Cluster Launch Ceremony" held on the 13th at Korea Aerospace Industries (KAI) in Sacheon, Gyeongnam. [Image source=Yonhap News]
President Yoon Suk-yeol stated on the 13th, "We will establish a space industry cluster triangular system with Gyeongnam, Jeonnam, and Daejeon," adding, "We will expand the space development budget to over 1.5 trillion won by 2027 to leap into one of the top five space powers." The goal is to attract 100 trillion won in private investment by 2045 and create more than 250,000 jobs.
President Yoon attended the 'Launch of the Republic of Korea Space Industry Cluster' event held at the Korea Aerospace Industries (KAI) 1st Helicopter Building in Sacheon, Gyeongnam, and emphasized, "The era when space technology was confined to security competition is over," stating, "The space industry is a future growth engine that enhances the competitiveness of existing industries and creates new industries."
Sacheon, which President Yoon visited that day, is the planned site for the establishment of the Space and Aviation Administration in the first half of this year and is also where KAI's headquarters is located. This was President Yoon's second visit to Sacheon since November 2022, reinforcing his commitment to fostering the space industry.
President Yoon promised, "We will strongly support the success of the space industry cluster centered on Gyeongnam, Jeonnam, and Daejeon." First, by nurturing a space industry cluster connecting Daejeon-Gyeongnam-Jeonnam, they aim to create a 100 trillion won space industry, foster 100 space companies, and train 30,000 professionals by 2045. The clusters will have distinct roles?launch vehicles (Jeonnam), satellites (Gyeongnam), and research & talent (Daejeon)?and will be linked to foster regional and private space industries centered on the Space and Aviation Administration, scheduled to open on May 27. This will encourage corporate investment and related workforce development.
President Yoon further emphasized, "We will more than double the government-private matching space fund established last year to fully support startups in growing into global companies." The government also plans to seek exemption from preliminary feasibility studies to newly establish the national industrial complex for space launch vehicles in Goheung, Jeonnam, by 2030. Three hub centers will be actively established to perform key functions such as supporting companies in each of the three clusters (Gyeongnam, Jeonnam, Daejeon) and building cooperation systems between the government and local governments.
An alternative to foster Korea's own 'SpaceX' was also presented. The government aims to produce 10 world-class aerospace companies by 2045 and plans to expand the space fund to 100 billion won by 2027. About 20-30% of the total fund investment commitments will be focused on promising cluster resident companies.
A tentative 'Triangular Star Project' will also be promoted to strengthen connections between clusters and generate synergy effects. The Triangular Star Project is a research and development (R&D) project that performs the entire satellite development cycle within the cluster, from satellite manufacturing to launch. Various institutional foundations will be established to expand the space industry cluster base. A special law containing the basis for a five-year basic plan for the systematic development of the space industry cluster, approval agendas, and financial support will be enacted. Support such as the formation and operation of a public-private joint development committee and regulatory improvements will also be implemented.
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