DAEJEON < invest Korea

According to Yonhap News,

In Daejeon, a project will be initiated in which local companies join forces to launch satellites within three years.

On November 29, Daejeon-si announced a five-year plan to foster the space industry, which will be pushed for with an investment of KRW 350 billion from next year.

The city established 20 strategies in five areas to foster the space industry: developing future space technology, securing space companies' competitiveness, cultivating manpower to lead innovation in the space industry, building and expanding a Daejeon-style space ecosystem, and laying a foundation for the growth of Daejeon space companies.

In particular, it has set a goal of making the Daejeon Satellite (SAT) Project a success by 2026, which is to launch Daejeon-type satellites by taking advantage of the strengths of local companies who are capable of producing, launching and controlling satellites.

The city plans to invest KRW 9.2 billion over five years in this project alone to raise the value of local companies.

In addition, the city also suggested strategies such as R&D, establishment of space infrastructure and ecosystem, and development of the space industry.

A city official explained that the expansion of the space industry is expected to cultivate about 5,000 professionals and create about 1,000 jobs.

The city also set a goal of achieving KRW 100 billion in sales by local companies and fostering five global companies.

On this day, Daejeon-si also held a ceremony to declare its vision to foster the space industry at Daejeon e-Sports Stadium, and unveiled its ambition that Daejeon will lead the 'landing on Mars in 2045', the ultimate goal of the Korean space industry.

psykims@yna.co.kr

Source Text

Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.

Source: Yonhap News (November 29, 2023)