[Changes in the Second Half of 2022] 'Nurturing the Second Nuriho'... Promotion of Designation as a Space Industry Cluster

Amendment to the 'Uju Gaebal Jinheungbeop'... Opening Space Development Infrastructure to the Private Sector

The Korean launch vehicle Nuriho (KSLV-II), designed and manufactured entirely with domestic technology, is soaring into space with flames erupting from the launch pad at Naro Space Center in Goheung-gun, Jeollanam-do on the 21st. Unlike the first launch, which carried only a dummy satellite with no actual functionality, the second launch of Nuriho this time included a performance verification satellite and four CubeSats. / Goheung = Photo by Joint Press Corps

[Asia Economy Sejong=Reporter Lee Junhyung] The government is pushing to designate a space industry cluster to foster the domestic space industry.

The government published a booklet titled 'Changes Starting from the Second Half of 2022' on the 30th, which clearly summarizes the systems and laws that will change from the second half of this year.

First, the government will amend the 'Space Development Promotion Act' to promote the designation of space industry clusters. Space development infrastructure will be opened to the private sector. This is based on the judgment that expanding private companies' participation is necessary to systematically foster and revitalize the space industry. The amendment will take effect starting December.

Space technologies developed domestically for the first time will be designated as new space technologies. Central government agencies and public institutions must prioritize purchasing products applying new space technologies. Additionally, the government has established legal provisions to promote technology transfer, workforce training, and startups in the space sector.

Measures to guarantee profitability for companies investing in the space industry have also been prepared. The government will introduce contract methods that allow companies to include profits and other costs in space development projects. Penalties for delays in contract fulfillment can be mitigated within the scope defined by enforcement ordinances.

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