The Ministry of Science and ICT(MSIT, Minister: Lee Jong-Ho) announced on June 7 that the Amendment to the Space Development Promotion Act passed the National Assembly. Key content of the Amendment are as follows:
- Establishment of space infrastructure for space development and provision of open access to the private sector
- Introduction of a new contract format to ensure companies’ profitability
- Designation of new space technologies and acceleration of technology transfer
- Promotion of talent nurturing and entrepreneurship
For successful implementation of new systems stipulated in the Amendment, MSIT will prepare subordinate legislations such as Enforcement Decree late this year. Specifically, MSIT will conduct a preliminary feasibility test in August to designate the Space Industry Cluster, helping to foster a privateled space industry environment.
Minister Lee said that “this Amendment to the Space Development Promotion Act paved the foundation to secure competitiveness in the space industry, and MSIT will faithfully follow up other related projects to form an ecosystem where we can stay competitive in the new space era.”
For further information, please contact Spokesperson for foreign media Kim Hee-Hyun (E-mail: coro0131@korea.kr, 82-44-202-4027) of the Ministry of Science and ICT.
Please refer to the attached PDF