Although South Korea is a relatively latecomer in the space sector, the country is preparing to catch up its backlog with the space sector industry. Its president Yoon Suk-yeol presented the space economy road map, highlighting the national ambition to stand as a key player in the global space industry market.
The road map articulates in six policy directions, being : Explore the Moon and Mars; Leap forward as a space technology powerhouse; Foster the space industry; Nurture space talent; Realize space security; and lead international cooperation.
This said, South Korea will launch by the end of the year the Korea Aerospace Administration – KASA for short. This upcoming administration is expected to focus on two main objectives: establishing aerospace policies and leading research and technology acquisition.
“In order to become one of the world’s top five space technology powers, we will develop a more powerful next-generation projectile than the Nuri, and achieve technological independence on the core parts of the projectile and satellite” – President Yoon Suk-yeol
The long-term South Korea ambition remains to develop a projectile engine enabling it to fly towards the Moon within five years, then start mining resources on the Moon by 2032, and land on Mars by 2045. Overall, South Korea plans to double its space budget in the five coming years for it to eventually reach 100 000 billion of Wons by 2045, which would equate to €72 million.
Some milestones to keep watching out for!