Gov't launches support to aid Korea in private sector space race

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Gov't launches support to aid Korea in private sector space race

Published: 21 Sep. 2023, 17:50 Updated: 21 Sep. 2023, 17:51

SHIN HA-NEE
[email protected]

Innospace's Hanbit-TLV test rocket at the Alcantara Launch Center in northern Brazil. [INNOSPACE]

Korea wants in on the growing commercial launch service market where overseas players such as SpaceX are taking the lead, amid an accelerating space race in the private sector.

As the next two or three years will likely be the “golden hour” for Korea to enter the global space launch service industry, the government promised financial and administrative support for the private launch service providers in the country.

The plan, announced on Thursday by the Ministry of Science and ICT, includes setting up a public-private cooperative body for space technology transfer, and expanding the fund for the space sector by 2027

The ministry plans to promote the domestic industry by creating and driving demand for commercial launches with government-led programs. The government will also allow private launch service providers to use the local launch site before the construction is completed. The first-phase construction of the private launch site is slated for completion by 2026.

Moreover, the government is considering changing the current system where the companies need to get approval for every launch, to a licensing system.

In March, Innospace, a private company, conducted a test launch for Korea’s first privately-developed launch vehicle, Hanbit-TLV in Brazil.

BY SHIN HA-NEE [[email protected]]