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Biz News Korea(Eng)

Space startups look to new space agency for support

Collected: 2024.02.07

Distributed: 2024.02.08

Source: Go Direct

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The Ministry of Science and ICT First Vice Minister Cho Seong-kyung visits INNOSPACE. [Courtesy of The Ministry of Science and ICT]

Space startups in South Korea are hoping that the Korea Aerospace Administration, the new space agency opening in May 2024, will help boost the country’s space industry ecosystem.

The Ministry of Science and ICT announced Tuesday that its First Vice Minister Cho Seong-kyung visited 10 space-related startups, including INNOSPC and Unmanned Exploration Laboratory on Friday and Monday, to gather companies’ opinions on-site.

According to the ministry, the companies welcomed the establishment of the Korea Aerospace Administration and requested that the government provide them with clear guidance on its space development plan.

They urged the national space agency to promote Korean space companies’ product procurement and purchasing intentions, while suggesting that the government delegate satellite launch projects to the private sector to generate demand in the space sector.

The companies also hoped Korea will actively participate in major international space collaborations, such as the Artemis program, a Moon exploration program led by the United States’ National Aeronautics and Space Administration (NASA).

They requested the Korea Aerospace Administration to play a role in establishing a cooperation system with foreign countries and public institutions while encouraging more Korean private companies to participate.

Due to the nature of new businesses, some companies preemptively sought the resolution of difficulties such as permits that have yet to be given and requested national trust and certification processes for Korean space companies, such as certification for excellent space businesses.

Opinions related to ensuring flexibility in long-term space plans were also presented.

By Ko Jae-won and Lee Eun-joo

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