Korea's space agency to help create 500,000 jobs, nurture 2,000 firms by 2045

Lee Jong-ho, minister of science and ICT, speaks about the establishment of the Korea Aerospace Administration at the Government Complex Seoul, Thursday. Newsis

The Korea Aerospace Administration (KASA), which will open in May, will help create 500,000 jobs in the space industry and nuture more than 2,000 companies by 2045, according to Minister of Science and ICT Lee Jong-ho, Thursday.

Lee also said the ministry will take all possible steps to complete administrative work as soon as possible to launch the Korean version of NASA in order to catch up with other advanced countries' space programs and become one of the world's top five space powers.

On Tuesday, the National Assembly passed a special act to establish KASA, nine months after a bill to establish the Korean version of NASA was submitted to the Assembly.

Based under the Ministry of Science and ICT, KASA will be responsible for the country’s space development by being in charge of aerospace policies, fostering related industries and seeking international cooperation. Its headquarters will be located in Sacheon, South Gyeongsang Province.

"We will grow dreams and hopes with the people through KASA, and we will enhance competitiveness with the industry, academia and research community to pioneer a new future with the world," the minister said in a briefing at the Government Complex Seoul.

Lee emphasized that the establishment of KASA will serve as a new economic growth engine for Korea.

"The establishment of KASA will be the start of a great step toward becoming a space powerhouse through the activation of the aerospace industry, which will provide a new growth engine for the stagnant Korean economy, as well as achieving the goal of landing on the moon by 2032 and exploring Mars by 2045, when Korea celebrates the 100th anniversary of its liberation (from Japanese colonial rule)," Lee said.

With the launch of KASA, the government plans to nurture more than 2,000 innovative aerospace companies that will lead the national economy based on creative ideas and technological capabilities, and create about 500,000 quality jobs, the science ministry said.

The ministry added that it aims to have Korea account for 10 percent of the global aerospace market, which is scaled at 420 trillion won ($320 billion), by significantly expanding the size of investments.

Immediately after the launch of KASA, the government plans to pursue joint projects with space research institutes in advanced countries, such as NASA of the U.S. and JAXA of Japan and economic cooperation projects with emerging countries where Korea has signed MOUs in the aerospace field, such as with the United Arab Emirates (UAE), the ministry added.