[2026 Future Business Forum] New Growth Engine 'Space'... "Building a Self-Sustaining Private Space Industry Ecosystem"

Sharing the Current Status and Development Strategies of the Space Industry
Presenting Solutions for Companies to Find New Growth Engines

Government Secures Infrastructure Including Dedicated Launch Sites
Increasing Specialized Funds to Drive Startup Growth

The government is expanding space development infrastructure, such as launch sites dedicated to private-sector use, in order to build a self-sustaining space industry ecosystem led by private companies. It also plans to increase space-focused funds to foster the growth of startups and nurture talent in the space sector.

In-gyu Park, Director General of Science and Technology Innovation Bureau at the Ministry of Science and ICT, attended the "2026 Asia Future Enterprise Forum" held at Lotte Hotel in Jung-gu, Seoul on the 13th and delivered a congratulatory speech. 2026.5.13 Photo by Jin-hyung Kang

In-gyu Park, Director General of the Science and Technology Innovation Bureau at the Ministry of Science and ICT, attended the "2026 Asia Future Business Forum" held at Lotte Hotel in Sogong-dong, Seoul on May 13, and stated, "The paradigm of space development has shifted from past 'competition between national systems' to a 'space economy' focused on economic feasibility and efficiency."

He emphasized, "Last November, South Korea became the seventh nation in the world to successfully launch a satellite into orbit using its own launch vehicle from its own soil," and added, "By actively generating public sector demand for satellites and launch vehicles, we aim to build a self-sustaining space industry ecosystem driven by the private sector."

No Kyungwon, Deputy Administrator of the Korea Aerospace Administration (KASA), is giving the keynote speech titled "Space Industry Leading the Future of Korea" at the 2026 Asia Future Business Forum held on May 13, 2026, at Lotte Hotel in Sogong-dong, Seoul. Photo by Jo Yongjun

No Kyungwon, Deputy Administrator of the Korea Aerospace Administration (KASA), who delivered the keynote speech, said, "Now is the optimal time to enter the small satellite launch market, as demand for launch service providers in the Asia region is rising." He proposed that "it is necessary to strengthen the capabilities of the private ecosystem, including fostering startups specializing in small launch vehicles."

KASA also unveiled its roadmap for connecting space science and technology to terrestrial industries. The agency aims to cultivate space medicine technologies leveraging low Earth orbit microgravity environments into core assets for the medical industry, and to create a market for space weather forecasting services through solar observation and related initiatives. Technologies developed in the process of building orbiters and probes will be linked to the terrestrial robotics market. Additionally, the agency seeks to localize Korean space telescope technology and maximize its technological spillover effects by transferring it to the semiconductor, medical imaging device, military optical equipment, and content industries.

Amer Al Sayeh Al Ghaferi, Deputy Director of the Space Engineering Division at Mohammed bin Rashid Space Center, attended the '2026 Asia Future Business Forum' held on May 13 at Lotte Hotel in Jung-gu, Seoul, delivering a keynote speech on the topic ‘From the Desert to Space: The Rise of the Middle East Space Industry and UAE’s Challenge’. 2026.5.13 Photo by Jinhyung Kang

Amer Al Sayegh Al Ghaferi, Deputy Secretary-General for Space Engineering at the Mohammed bin Rashid Space Centre (MBRSC) of the United Arab Emirates, a nation that has rapidly emerged as a space powerhouse, remarked, "South Korea possesses strong capabilities in fields such as satellites, launch vehicles, artificial intelligence (AI) technology, robotics, and manufacturing." He advised, "The key is to unite these strengths under a clear national vision and to pursue them consistently over the long term."

Sean Wilson, founder of Mirai Group (TMG) and former Director of International Space Policy at the U.S. National Space Council, noted, "The greatest opportunities in the space economy are in the U.S. market, and in the future, the most promising fields will be those linked to defense and national security." He said, "Korean companies should consider how to apply their strengths to areas that are much broader than just space-to-space industries."

This event, hosted by The Asia Business Daily and sponsored by the Ministry of Economy and Finance, the Ministry of Science and ICT, the Korea Aerospace Administration (KASA), the Korea Chamber of Commerce and Industry, and the Federation of Korean Industries, was organized to share the current status and development strategies of the space industry that will lead the forthcoming space era, as well as to explore domestic and international business opportunities and commercialization strategies, with participation from leading global research institutions and companies.

Sean Wilson, founder and CEO of Mirai Group, is delivering a keynote speech on the topic of "Business Opportunities in the Space Economy Era and Korea's Strategic Cooperative Role" at the 2026 Asia Future Business Forum held on May 13th at Lotte Hotel in Sogong-dong, Seoul. 2026.5.13 Photo by Cho Yongjoon

Key domestic and international figures attended the event, including Member of the National Assembly Jungah Hwang, Professor Sangim Yoo of Seoul National University (former Minister of Science and ICT), Kyungdoo Jeong, Chairman of the Council for Defense Innovation Technology and Security (former Minister of National Defense), Changbeom Kim, Vice Chairman of the Federation of Korean Industries, Emilia Gatto, Ambassador of Italy to Korea, Marie Antonia von Schoenburg, Head of the Korean-German Chamber of Commerce and Industry (KGCCI), Junsik Hwang, Director-General for Climate Science Diplomacy at the Ministry of Foreign Affairs, Jihun Kim, Director of Training and Exercises at the Joint Chiefs of Staff, Euiyoung Heo, President of Korea Aerospace University, Jaeheung Han, Director of the KAIST Space Research Institute, Jiho Hwang, Vice President of the Korea Institute of S&T Evaluation and Planning (KISTEP), Younggu Ha, Chairman of Blackstone, Hoon Lee, Chief Investment Officer at Korea Investment Corporation, Seongbae Ji, CEO of IMM Investment, Youngho Kim, CEO of IMM PE, Changhwan Lee, CEO of Align Partners, Jaehwan Kim, Executive Director of the Korea AI and Robotics Industry Association, Sungjin Yeom, President of the SK SUPEX Council, Dongkeun Geum, President of Doosan Group, and many others, demonstrating the high level of interest in the space industry.

Jang Beomsik, CEO of The Asia Business Daily; Hwang Jeonga, National Assembly member of the Democratic Party of Korea; Park Ingyu, Head of Science and Technology Innovation Bureau at the Ministry of Science and ICT; and Ha Younggu, Chairman of Blackstone, among other attendees, are seen exchanging greetings on May 13 at Lotte Hotel in Sogong-dong, Seoul, during the 2026 Asia Future Business Forum held under the theme "Space Nomics: South Korea's Growth Engine Found in Space." 2026.5.13 Photo by Jo Yongjun

Jang Beomsik, CEO of The Asia Business Daily, stated, "Space has become a business arena with a tangible impact on the financial statements of our companies," and added, "I hope we will find the most realistic and bold answers to how space can become a new growth engine for our businesses."

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