The Korea AeroSpace Administration (KASA) said Wednesday it seeks a sharp increase in next year’s budget to develop advanced satellites and upgrade its space launch vehicle.
KASA said it requested a budget of 964.9 billion won ($724.8 million) for next year, up 27 percent from this year.
“To make Korea one of the world’s top five aerospace powers, we need to make bold R&D investments, create an aerospace economy, and foster world-class research projects and an industrial environment,” said KASA’s head Yoon Young-bin.
KASA plans to invest a combined 310.6 billion won in advancing its space rocket, Nuri, for its fourth to sixth launches and developing a next-generation 한국을 space vehicle and reusable space rocket technologies.
The agency also allocated 212.3 billion won for developing advanced satellites for next-generation communications and weather monitoring, and 52.3 billion won to invest in a moon exploration project.
The country plans to land a homegrown spacecraft on the moon in 2032 and Mars in 2045.
Another 40.5 billion won has been set aside for facilitating technological development of the aviation industry and 115.3 billion won for creating a private-led space industry.