Korea AeroSpace Administration ushers in new space era

“It’s time to focus on our strengths. The plan is to focus our budget on major projects. Korea AeroSpace Administration’s intensive training will serve as a catalyst for the private sector,” said Yoon Young-bin, the first director-designate (professor at Seoul National University) of the Korea AeroSpace Administration, regarding the significance of the launch of Korea’s first public space agency in an interview with the Dong-A Ilbo on Sunday. He explained that due to Korea’s relatively late start in promoting the private space sector growth compared to space powers such as the United States and Europe, the administration plans to focus investments on industrially valuable projects rather than multiple projects.

Korea AeroSpace Administration (KASA), which will pave the way for a new era of the space industry that shifts from government-led to business-led, will open on Monday in Sacheon, South Gyeongsang Province. Yoon will be appointed to lead KASA along with John Lee, nominee for Aerospace Mission Division chief, and Noh Gyeong-won, nominee for deputy chief.

KASA will receive a space-related budget of 700 billion won from the Ministry of Science and ICT to execute major space projects. As President Yoon Suk Yeol promised to expand the space development budget to more than 1.5 trillion won by 2027, the budget is expected to be larger next year. Specific budgeting plans are still unknown, as KASA has yet to present plans other than fostering private sector-led growth. “We plan to announce specific plans, including which projects to focus on investing, soon,” said Yoon.

Other related industries are looking forward to budget-related news and policies to promote growth in the private sector, breaking away from conventional state-led space policies.

Yoon agreed and shared positive views. “There are many opportunities for different high-tech industries, such as semiconductors and ICT, to work with the space industry,” said Yoon. “KASA’s vision for the longer term is to enable private companies to promote such opportunities to drive future growth engines.”


최지원 jwchoi@donga.com