In a bid to nurture its nascent domestic space sector, South Korea is seeking a 640 billion won ($553 million) annual space budget for 2022. If granted in full, it would amount to a 4 percent increase from this year’s 615 billion won.
The $50 million invested by a South Korean consortium was part of $650 million Relativity Space raised in a Series E funding round in June.
Starting next year, South Korea’s government will transfer state-owned space launch vehicle technologies to domestic aerospace companies in a move to help them penetrate an expanding global space launch market.
South Korea’s air force will join U.S. Space Force-led joint military drills aimed at bolstering the latter’s defense capabilities in outer space.
South Korea will invest 16 trillion won ($13.6 billion) over the next 10 years in bolstering its defense capabilities in outer space. This includes 1.6 trillion won to be used to develop “core technologies” for military satellites.
South Korea’s vice foreign minister said last week that the most effective way to settle space disputes is through an international diplomatic framework like the Artemis Accords.
South Korea’s Satrec Initiative to build constellation of high-resolution Earth observation satellites
In the first step toward building its own constellation of Earth observation satellite, Satrec Initiative will send the high-resolution SpaceEye-T imaging satellite into low Earth orbit by the first quarter of 2024.
South Korea has set off on a journey to build its own satellite navigation system, in cooperation with the United States, by 2035 to provide more accurate and reliable position, navigation and timing information across the country.
Hackers linked to North Korea broke into the network of a South Korean aerospace company last month that holds confidential rocket propulsion technologies developed for the nation’s first indigenous space launch vehicle KSLV-Ⅱ, the state spy agency said July 8.
Korean Air, South Korea's biggest airline, says it will develop common bulkhead propellant tanks for small satellite launch vehicles as part of the Ministry of Science and ICT’s “Space Pioneer” project.
South Korea signed the Artemis Accords May 27, becoming the 10th signatory to the pact that governs norms of behavior for those who want to participate in the NASA-led Artemis lunar exploration program.
With Artemis Accords on the table, South Korea, U.S. to widen cooperation in space exploration, security
The commitment to work toward South Korea becoming a formal signatory of the Artemis Accords was part of a broader agreement reached between the two leaders in the field of space during a U.S-South Korea summit May 21 at the White House.
South Korea is in last-minute negotiations with the United States to join NASA’s Artemis program, a South Korean news outlet reported May 18, citing government sources.
The chief of South Korea’s space agency has vowed to spin off near-term applications to the private sector and refocus the agency on long-term investments that “won’t pay off until 2050.”
Space will command nearly 45 percent of the $1.9 billion Korea Aerospace Industries (KAI) has set aside for a broader five-year growth plan.