Yoon: "Establishing a Space Industry Triangular Cluster in Gyeongnam, Jeonnam, and Daejeon... Towards Becoming a Space Power"

'Space Industry Cluster' Launch Event
1.5 Trillion KRW Focused Investment by 2027

President Yoon Suk-yeol delivers a congratulatory speech at the "Korea Space Industry Cluster Launch Ceremony" held on the 13th at Korea Aerospace Industries (KAI) in Sacheon, Gyeongnam.
[Image source=Yonhap News]

President Yoon Suk-yeol announced on the 13th, "We will establish a space industry cluster triangular system with Gyeongnam, Jeonnam, and Daejeon," and stated, "We will expand the space development budget to over 1.5 trillion won by 2027." The goal is to attract 100 trillion won in private investment by 2045 and create more than 250,000 quality jobs.

President Yoon attended the launch event of the Republic of Korea Space Industry Cluster held at Korea Aerospace Industries (KAI) in Sacheon, Gyeongnam, and said, "We must challenge space, which holds infinite opportunities and a tremendous market, with greater vigor."

Recalling the memory of watching Apollo 11 land on the moon for the first time in human history in 1969, President Yoon stated, "While the whole world is fiercely competing in space, the space industry cluster launching today will lead the great journey toward becoming one of the top five space powers."

In particular, President Yoon emphasized, "The era when space technology was confined to security competition is over," adding, "The space industry is a future growth engine that enhances the competitiveness of existing industries and creates new industries."

The Sacheon that President Yoon visited that day is also the planned site for the establishment of the Space Aviation Agency in the first half of this year and is where KAI's headquarters is located. This was President Yoon's second visit to Sacheon since November 2022, reinforcing his commitment to fostering the space industry.

President Yoon promised, "We will strongly support the success of the space industry cluster centered on Gyeongnam, Jeonnam, and Daejeon." This means the government will take responsibility for building core infrastructure, such as space environment testing facilities, which are difficult for private companies to establish individually.

He continued, "We will more than double the government-private matching space fund established last year to fully support startups in growing into global companies."

During the performance celebrating the launch, President Yoon went on stage with three students and researchers representing Daejeon, Gyeongnam, and Jeonnam, wishing for the successful establishment of the space industry cluster and the leap to a global space economic powerhouse.

About 450 people attended the event, including entrepreneurs, researchers, and university (graduate) students in the aerospace field, as well as residents of the Gyeongnam region. From the government, Minister Lee Jong-ho of the Ministry of Science and ICT attended, and from local governments, Park Wan-su, Governor of Gyeongnam Province; Kim Young-rok, Governor of Jeonnam Province; and Lee Jang-woo, Mayor of Daejeon, participated. From the Presidential Office, Policy Chief Seong Tae-yoon and Science and Technology Chief Park Sang-wook were present.

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