Ministry of SMEs and Startups Holds Policy Meeting for Promising Space Industry SMEs

Discussion on Plans to Establish a Private Sector-Centered Space Industry Ecosystem

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 Nuriho launch this time included a performance verification satellite and four CubeSats. / Goheung = Photo by Joint Press Corps

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young, hereinafter referred to as the Ministry) announced on the 12th that it held the 'Policy Meeting for SMEs in the Space Industry' (hereinafter referred to as the meeting) at the Win-Win Growth Committee located in Jung-gu, Seoul. The meeting was organized to share the technological status of promising domestic SMEs in the space industry and to discuss ways to create a private sector-led space industry ecosystem.

With the recent success of the second Nuriho launch, public interest in the space industry has increased. Most space companies are SMEs, and about 300 SMEs and startups participated in the Nuriho launch. Among the companies participating in this meeting, 'Nara Space Technology' participated in the Nuriho launch by manufacturing microsatellites, and 'Perigee Aerospace' was the first private startup to succeed in a liquid rocket launch test. Additionally, 'Innospace' is preparing for an independent microsatellite launch, and 'Lumir' specializes in microsatellite manufacturing and satellite data analysis. 'Davio' is active in the global market by analyzing satellite data using its own artificial intelligence (AI) technology.

The Ministry plans to thoroughly review the policy measures discussed on-site to strengthen the competitiveness of domestic SMEs and startups in the space industry. No Yong-seok, the Ministry's SME Policy Officer, said, "The domestic space industry is at an important stage of establishment following the recent success of the Nuriho launch," adding, "The importance of SMEs and startups will increase further."

The policy officer continued, "The space industry is mainly conducted through large national projects, and during periods of significant government support, the scale of space companies tends to increase, making the government's role crucial," and emphasized, "Considering that the space industry involves enormous costs and requires a long time until commercialization, resulting in a longer and deeper 'death valley' than other industries, policy support measures must be established accordingly."

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