President Yoon "Double the 'space development budget' within 5 years" ... "Invest at least 10 trillion won by 2045" = Korea

South Korean President Yoon Seo-gyul said on November 28th that he would double the space development budget within five years and draw out at least 100 trillion won (about US$ 70 billion) of investment by 2045. He also announced plans to newly establish the "Space and Aerospace Administration" and take on the position of chairman of the National Space Commission to "steadily prepare for the age of the space economy."

At the "Future Space Economy Roadmap Proclamation Ceremony" held at the JW Marriott Hotel in Seoul that afternoon, President Yoon said, "The Japan Aerospace Agency, which will be launched at the end of 2023, will formulate space aviation policies and lead research and development and securing technology" he said.

President Yoon said, "In the future, a country with a vision for space will be able to lead the world economy and solve the problems facing humanity. We will develop a projectile engine that can take off, and in 2032, 10 years from now, we will raise the national flag on Mars."

He added, "We will build a Korean-style satellite navigation system to support new industries such as UAM (urban air traffic) and self-driving cars"

President Yoon said, "Space development is an amalgamation of cutting-edge technology, and it is a driving force that will revive existing industries and create new industries. We will achieve technical independence for the core part."

He also emphasized national security using space technology.

"Space technology is directly linked to our security," said President Yoon.

He went on to say, "We will establish a space security strategy system and strengthen the cooperative system between the private sector and the military in order to develop space security technology specialized for space operations." We will expand space security cooperation with the international community."