Ministry of Science and ICT to Support Satellite Exports with 20 Billion Won over 5 Years

Proactive Identification of Satellite Demand and Market Development Support
Rapid Growth of the Space Industry Scale... Launching Support for Satellite Exports

[Asia Economy Reporter Koo Chae-eun] The Ministry of Science and ICT (MSIT) will support approximately 20 billion KRW in project funds over the next five years, including 4 billion KRW this year, for the overseas export of satellites.

On the 16th, MSIT announced the "Space Industry Ecosystem Development Plan," which includes these details. The global space industry was valued at 277.4 billion USD as of last year. It has doubled over the past decade, and the number of countries owning satellites has expanded worldwide (73 countries as of last year). Over the next ten years, about 6,000 satellites?three times the number currently in operation?are expected to be developed.

However, as of 2018, South Korea's satellite-related export amount was only 23.1 billion KRW. In response, MSIT analyzed the causes of low exports through company visits, meetings, and surveys targeting space companies, and decided to establish a comprehensive support project for satellite exports. The aim is to proactively identify satellite demand and assist in market development.

In particular, considering our satellite technology and competitiveness, the plan focuses on emerging space development countries such as the Middle East, Southeast Asia, and South America. Additionally, software development will focus on solutions commonly applicable to developing countries, such as volcanic eruption precursor terrain detection using satellite imagery.

This project will provide approximately 20 billion KRW in funding over the next five years, including 4 billion KRW this year, through the Space Development Infrastructure Establishment and Performance Diffusion Project (Satellite Export Activation Support).

Kwon Hyun-jun, Director of the Large Public Research Policy Division at MSIT, stated, "Until now, there has been no national-level support for satellite exports, making it difficult for companies to export," and added, "We hope that this newly launched project this year will help companies secure export competitiveness and lead to export expansion."

This content was produced with the assistance of AI translation services.