Shortcut to Body Shortcut to main menu

Investment News

  • Home
  • About Us
  • Newsroom
  • Investment News
MSIP Invests KRW 374 Bn in Space Development in 2015

(SEOUL=NEWSIS) The Ministry of Science, ICT and Future Planning (MSIP) will invest a total of KRW 374 billion (USD 343 million) in research and development (R&D) for space development in 2015, a 17.6 percent increase year-on-year.

The ministry announced February 8 its 2015 R&D plan for the space development sector, which includes “made in Korea” launch vehicles, satellites and space technology development.

The ministry will invest KRW 255.5 billion in the development of Korean launch vehicles.

It will build four additional pilot plants for Korean launch vehicles, which will produce 7.75 tons of liquid engine prototypes, and conduct comprehensive fire tests. It will complete the first stage of the project by July and then begin the next stage.

The ministry will invest KRW 92.6 billion in the development of satellites.

It will install a 0.55 m resolution optical sensor that can observe the Earth in closer detail and an infrared sensor used for analyzing wildfire, flood and heat island effects in the Korea Multi-Purpose Satellite-3A, which will be launched in March. It plans to develop satellites for the country and public institutions in a systematic manner. It will also invest KRW 3 billion in the development of a next generation mid-sized satellite to promote it as an export strategy model.

The ministry will invest KRW 23.9 billion in the development of core space technologies. It is to domestically manufacture the core parts of satellites and promote the usage of satellite information.

The ministry will invest KRW 1 billion in the establishment of a science rocket center to improve the technology of launch vehicles and nurture experts.

"Even though we are increasing investment in the space development sector, we are still behind our foreign competitors both absolutely and relatively. We will not only maximize the investment through selection and concentration, but also strive to ensure that space development will directly contribute to improving lives and economic development," said an MSIP official.

Source Text

Source: Newsis (February. 06, 2015)

** This article was translated from the Korean.
Meta information