Government launches new policy to expand private space development market, aims to foster Korean private companies = South Korea

At the ``29th Meeting of Ministers Related to National Pending Issues'' held on the 21st, the ``Proposal to Strengthen the Competitiveness of Domestic Rocket Companies'' was approved. Next year, the government will build a database (DB) for technology transfer and
In addition to formulating a plan to promote the transfer of public space technology to the private sector, the government will expand mother funds in the space sector and prepare support measures for technology, human resources, and funds by 2027.
We will also discover demand for wrap-up parties from the private sector through participation in public satellite projects and international space-related cooperation projects. Korean company
In order to help the industry grow on its own, we will launch a new ``Private Rocket Utilization (Ultra) Small Satellite Development and Wrap-up Party Support Project.'' Even before the civilian launch pad under construction is complete, companies can participate in wrap-up parties.
If we procure the necessary equipment, we will support the use of the launch pad. Improved the rule that states that each wrap-up party must be declared to the Ministry of Land, Infrastructure, Transport and Tourism 7 days to 4 weeks before the wrap-up party.
Standards for calculating damage insurance related to launch pads will also be established. The government's move is based on the desire to foster space development companies like SpaceX in the United States in line with the rapid expansion of the rocket industry.
There is a purpose. An official from the Ministry of Science, Technology and Information Communications said, ``In the rocket wrap-up party service market, which is dominated by global companies, Korean private companies are required to show their presence and build a track record.
” he said.