알파경제 - By 2027, the space development budget will be expanded to more than 1.5 trillion won

(Photo of President Yoon Seok-yeol = presidential office)

[Alpha Biz=(Chicago) Reporter Paul Lee] President Yoon Seok-yeol announced on the 13th that he will establish a 'space industry cluster triangle system' in Gyeongnam-Jeonnam-Daejeon and become one of the five largest space powers.

President Yoon attended the launch of the "Korea Space Industry Cluster" at the Korea Aerospace Industries (KAI) in Sacheon, South Gyeongsang Province, and said, "The space industry cluster is a base camp for space navigation," adding, "We will fully support startups to grow into global companies."

The government will speed up the exemption of preliminary feasibility study for the construction of a national industrial complex for space projectiles in South Jeolla Province, a triangular cluster. The construction of the Gyeongnam National Aerospace Industrial Complex will be completed by the end of this year, and the Daejeon Space Technology Innovation Human Resources Development Center will be established by the end of 2028. The government's private matching space fund, which was created last year, will more than double by 2027.

The goal is to foster 1,000 space companies in the cluster, and 10 of them will grow into world-class excellence companies.

President Yoon said, "We will expand the space development budget to more than 1.5 trillion won by 2027 and attract 100 trillion won in investment by 2045."

알파경제 Paul Lee (hoondork1977@alphabiz.co.kr)