South Korea's Space Agency officially opens to foster private-sector-led aerospace industry

The Korean version of the National Aeronautics and Space Administration (NASA) has opened its doors. Yoon YOUNGBIN, the first director of the agency, said that Korea has become one of the top five countries in the world in terms of space technology, and is looking to establish new aviation-related
Yoon compared the Space Agency to a conductor leading an orchestra, saying that just as a conductor leads a great concerto, the agency will act as a coordinator to foster the aerospace industry.
The role of the agency is to formulate aerospace policy, conduct research and development, develop human resources, expand the industry, and cooperate internationally.
Yoon said Korea is ranked 7th in the world in terms of space technology, but there is a large technological gap between Korea and the countries ranked 1st to 6th.
The agency will present clear mid- to long-term space development goals and visions in the future. It will be necessary to secure a budget to support these goals and make large-scale investments in priority areas.
"To compete with other advanced space nations, we need to have a broader international perspective and promote international cooperation in a variety of fields," said Director Yoon.
"To achieve this, we hope to build trust and forge close partnerships between the government and private sector."