JEJU-DO < invest Korea

Jeju Special Self-Governing Province (Governor Oh Younghun) and Hanwha Systems (CEO Eoh Sungchul) have joined forces to foster the space industry on Jeju Island.

Jeju Province and Hanwha Systems have signed a memorandum of understanding to promote the private space industry, aiming to strengthen mutual cooperation in establishing Jeju's space governance and nurturing the space industry ecosystem. Under this agreement, both parties plan to promote the establishment of J-Space Governance and a space industry ecosystem, create infrastructure for the private space industry and space experiences, advance satellite information utilization services, and implement training programs for leading talent in the space field.

Jeju Supports an Ecosystem and Infrastructure for the Private Space Industry

In collaboration with Hanwha Systems, a leading company in the space industry, Jeju Province anticipates positive outcomes, including rectifying the imbalanced economic structure, enhancing scientific and technological capabilities, fostering talent, and diversifying exports.

Governor Oh Younghun asserted, "At this pivotal juncture, when Jeju, which has implemented economic policies centered on tourism development and foreign investment attraction, seeks to revitalize the manufacturing industry to account for 10% of the economy, nurturing the space industry as a new sector rewrites Jeju's development history. Establishing a space center in Jeju will not only revitalize the manufacturing sector but also transform the ecosystem of Jeju's economy. Through this, we will re-position ourselves with a groundbreaking vision, advancing to the forefront of space exploration, beyond the southern end of Korea."

Eoh Sungchul, CEO of Hanwha Systems, said, "We decided to collaborate on this project because Jeju not only provides the most suitable location but also has the potential for building a cluster by fostering outstanding talent in the region. We believe in Jeju's potential to grow into an international space city. In this era when the space industry is evolving into a new business model, we will actively work together in creating a space era, where young people are inspired and nurtured to pursue professions in the space industry. We will also actively cooperate in making Jeju the first city in Korea to commercialize urban air mobility (UAM)."