South Korea's Plan to Become a Space Power

TapTechNews May 30th news, recently, South Korea announced plans to achieve the ambitious goal of landing a spacecraft on the moon by 2032, while also planning to land on Mars by 2045.

Before that, South Korea just established the 'Aerospace Agency' on May 27th. On that day, the first director of the Aerospace Agency, Yoon Young-bin, at the temporary building of the Aerospace Agency in Sacheon City, Gyeongsangnam-do, stated that the Aerospace Agency will create a space industry ecosystem mainly based on the private sector to lay the foundation for promoting South Korea to become a space power.

And according to the website of the American magazine Science News, the 'Aerospace Agency' is a brand-new institution established by South Korea to join the global space powers team, and its main task is to establish the country's commercial aerospace and satellite launch capabilities, and gather the space projects previously scattered among various government departments under one institution.

It is known that the establishment of this agency also fulfilled the promise made by South Korean President Yoon Suk-yeol after taking office in May 2022. He stated at that time that the South Korean government plans to double the expenditure on space-related projects within five years from 2022 to 2027 to 1.5 trillion won (TapTechNews note: currently about 7.95 billion Chinese yuan). Most of the funds will be used in the research and development of rockets, satellites and other technologies with commercial application value.