Thursday, July 18, 2024
HomeWorld newsSouth Korea is gearing up to become a space power

South Korea is gearing up to become a space power

From Samsung’s smartphones to SK Hynix’s semiconductors, South Korean companies have spent decades catching up and, in many cases, overtaking powerful rivals from the U.S., Japan and other countries.

So far, the country has also played a leading role in the space industry, with weak funding and some technological flops. But a new wave of government officials like Lee Jong-ho is betting that history could repeat itself.

The country’s Minister of Science and Technology, Lee, oversees a new space agency that launched Monday on a mission to propel South Korea into the ranks of major spacefaring nations. The government plans to double the current annual space budget to 1.5 trillion won ($1.1 billion) by 2027.

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