According to Pulse by Maeil Business News Korea,

Private companies will be invited to join state-led space projects under a new law in South Korea.

The Ministry of Science and ICT on Tuesday posted changes to the bill to revise the Space Development Promotion Act before submitting for review with the National Assembly.

The revision has been prepared as part of Korea’s efforts to achieve its global leadership in space development after the United States removed restrictions on the country’s space launch vehicle and promised joint projects in satellite segment during the Korea-U.S. summit in May.

Under the revised law, private companies will be allowed to join state space projects for profit. Currently, they are allowed only for R&D partners. Private companies will be decided through competitive bidding for procurements.

The bill also proposes to create a cluster on space industry and share the infrastructure.

To raise more experts, startup foundation and job creation will also be supported under the new law. A new team will be formed in the national space council to provide stable, efficient support.

The science ministry will collect feedbacks to proceed with a required review from the Ministry of Government and Legislation and submit the bill to National Assembly within the year.



By Lee Ha-yeon

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (August 17, 2021)