Yoon pitches space economy as source of great opportunity

Politics

Published: 21 Feb. 2023, 17:05 Updated: 21 Feb. 2023, 19:43

Yoon pitches space economy as source of great opportunity

President Yoon Suk Yeol views a small launch vehicle built by a domestic start-up, Perigee Aerospace, ahead of a luncheon meeting with Korea’s space economy pioneers Tuesday at the Yongsan presidential office in central Seoul. [JOINT PRESS CORPS]

President Yoon Suk Yeol stressed on Tuesday that the space economy "will open up infinite opportunities."

"The space industry will contribute to the development of various cutting-edge technologies and provide a better life for mankind through improvements in communication, weather forecasting and disaster management," said Yoon. "The space economy has no boundaries."

He stressed that the space field is "attracting attention as a key driver of technological innovation, economic growth and national security."

The luncheon at the Yongsan presidential office in central Seoul was attended by over 40 pioneers who are paving the way for a space economy. They included entrepreneurs in the aerospace industries, recipients of space-related awards, students, researchers and others from a number of schools, including KAIST, Inha University, Sejong University and Pusan National University.

Yoon stressed that his administration has been preparing for the establishment of the Korea Aerospace Administration, noting it was also one of his key presidential campaign pledges.

"We will open the era of Korea's space economy by making Korea Aerospace Aviation Administration the best expert-based research and development platform," said Yoon.

He previously called for Korea to become a global power in the space economy by 2045 through developing the domestic space industry and exploring the moon and Mars.

Yoon noted that the global space economy's value surpassed $400 billion in 2020, according to OECD estimates.

"For mankind, space has been a history of challenges and competitions," he said. "Until the 20th century, the universe was an unknown world, and it was an object of exploration and also a competition ground for high-tech powerhouses. Today's space has become a field where not only countries but companies and individuals can also create value."

The meeting was also an opportunity to speak to innovators and researchers working in start-ups and public research institutions related to the space industry.

"Thanks to your passion, Korea was able to leap forward as one of the world's top seven space powers within a short span of 30 years," said Yoon. "We will be with you on the journey to lead the space economy era."

This includes advancing launch vehicles and satellite development, space exploration, space medicine, and satellite image utilization as well as supporting venture capitalists and start-ups in the space field.

"I applaud your passion for pioneering the path of the space economy while constantly challenging yourself," said Yoon. "The government will be your reliable partner so that you can turn possibilities into reality."

Space industry companies, including Kairo Space, Justek, SIA and Perigee Aerospace, and university labs, including KAIST's Satellite Technology Research Lab, Ewha Womens University and Jeonbuk National University, exhibited their key projects, such as small launch vehicles, model rockets, microsatellites and satellite imagery analysis software.

The theme of teh meeting was: "Era of dreams and challenges in the new space, a conversation with space pioneers."

Ahead of the luncheon, Yoon received explanations of an exhibition of a lunar exploration rover from start-up UEL: Unmanned Exploration Lab and the Blue Whale suborbital rocket from Perigee Aerospace.

"As startups and human resource development are important for space economy, we are pushing for the creation of a new space fund, the establishment of a small private launch site and opening public test facilities to support start-ups this year," said Minister Lee Jong-ho of the Ministry of Science and ICT, who attended the event, in a statement.

Younha, a singer with a number of space-related songs that has contributed to public awareness of the importance of space development, also took part in the event, according to the presidential office.

"The universe has always been an object of curiosity and admiration for me," Younha was quoted as saying by the office. "As often said in human history, science and art have always moved forward together. I will work hard to support the pioneers of space economy through songs."

President Yoon Suk-yeol, center, takes a commemorative photo with participants of a luncheon meeting of space economy pioneers, along with singer Younha, front row third from right, Tuesday at the Yongsan presidential office in central Seoul. [PRESIDENTIAL OFFICE]

BY SARAH KIM [kim.sarah@joongang.co.kr]