Korea eyes expansion of commercial space industry

The government will soon set up measures to help commercialize its space technology while also working to further develop its commercial space sector that will include the early development of a shuttle to the moon, the science ministry said Thursday.

The move comes as there are only 61 private companies or research institutes developing space technologies in the country while 44.2 percent of them have annual sales of less than 1 billion won ($909,000), according to the Ministry of Science, ICT and Future Planning.

South Korea successfully launched its first space rocket, the Korea Space Launch Vehicle-1, in January, becoming the world’s 13th nation to have launched a space rocket from its own soil. “The country has so far developed its key space technologies and related industry through government-led space programs, but it has yet to witness any meaningful commercialization of space technologies due to its lack of a serious space industry,” the ministry said in a press release.

For full article, see Korea Herald.

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