The Party, Government, and Blue House Announce "Increased Budget for Space Sector... Expansion of Private Investment Tax Credits"

Yun Ho-jung, the floor leader of the Democratic Party of Korea, is delivering opening remarks at the party-government-Cheong Wa Dae meeting held on the 9th at the National Assembly to discuss the implementation status and future plans of science and technology following the Korea-US summit. Photo by Yun Dong-ju doso7@

[Asia Economy Reporter Jeon Jin-young] The Democratic Party of Korea, the government, and the Blue House held a party-government-Blue House consultation on the 9th to discuss bilateral science and technology cooperation measures following the results of the Korea-US summit.

On the morning of the same day, the party-government-Blue House held a meeting at the National Assembly and decided to actively promote investment in space industry technology and technological cooperation between the two countries following the termination of the Korea-US missile guidelines.

Jo Seung-rae, the ruling party spokesperson of the National Assembly Science, Technology, Information and Broadcasting Committee, said in a briefing after the meeting, “As part of the follow-up measures of the Korea-US summit, there has been increased demand for budget increases in the space sector next year,” adding, “According to the Ministry of Science and ICT’s forecast, there are actual budget increase requests for space sector satellite navigation cooperation and Artemis agreement cooperation, and the party-government will closely cooperate to ensure smooth progress.” At the Korea-US summit, the two countries signed an agreement related to the manned lunar exploration project, the ‘Artemis Project,’ and agreed to cooperate.

He continued, “Currently, the Minister of Science and ICT serves as the chairman of the National Space Committee, but due to remarkable growth in the space sector, there is a need to elevate the position to have the Prime Minister as the chairman and the Minister of Science and ICT as the vice chairman.”

In addition, the party-government agreed to cooperate to enable the preliminary feasibility study for KPS, the Korean Positioning System.

Floor leader Yoon Ho-jung said in his opening remarks, “The declaration of the termination of the Korea-US missile guidelines has not only restored missile sovereignty but also opened a new horizon for the space industry,” adding, “Our economy has activated one more new growth engine.”

He added, “Through agreements on new technologies such as quantum technology, we will develop a future-oriented partnership between Korea and the US,” and “The party-government-Blue House will prepare and implement a practical roadmap for legislation and budget securing.”

Park Wan-joo, chairman of the Policy Committee, said, “From now on, our government must prepare various support and stimulus measures for the space industry,” and “The party’s Policy Committee will spare no support.”

Lee Won-wook, chairman of the National Assembly Science, Technology, Information and Broadcasting Committee, said, “I hope we can think together about how to expand research and development (R&D) in the private science and technology sector,” adding, “By significantly expanding R&D investment deductions, we will establish a foundation that allows private companies to actively invest and achieve results, successfully leading the follow-up measures of the Korea-US summit.”

Minister of Science and ICT Lim Hye-sook said, “I will explain to the party the plans to ensure that cooperation in science and technology ICT fields such as astronaut personnel and new technology networks between the two countries can bear concrete fruit, as well as cooperation in the private sector and directions for software development.”

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