Yoon Young-bin, the Administrator of the Aerospace Administration, responds to questions from journalists at the 100-day inauguration press conference held at the Koreana Hotel in Jung-gu, Seoul, on Sept. 10. The Aerospace Administration announces that next year's budget is confirmed at 964.9 billion won. /Courtesy of News1

The budget of the Korea Aerospace Administration for next year has been finalized at 964.9 billion won, an increase of 27% compared to this year.

The Korea Aerospace Administration noted on the 10th that the budget plan for the upcoming year was finalized through a resolution by the National Assembly.

The Korea Aerospace Administration will invest 310.6 billion won in the 'Korean Launch Vehicle Advancement and Next-Generation Launch Vehicle Development.' For advanced satellite development, 212.3 billion won will be allocated, while 53.4 billion won has been set aside for international collaboration, including the development of a lunar lander and participation in the construction of the international large radio telescope.

405 billion won has been earmarked for the 'Core Technology and Component Self-Reliance Project for Advanced Aircraft Industry' aimed at fostering and localizing the aviation industry. In light of the new space era, 115.3 billion won will be invested in creating a private sector-centered industrial ecosystem and securing regional infrastructure.

Yoon Young-bin, head of the Korea Aerospace Administration, said, 'The 2025 budget has been organized with a focus on fostering a private-led aerospace industry economy, embodying the direction of the establishment of the Korea Aerospace Administration.' He also added, 'We will strive to accelerate the realization of becoming one of the world's top five aerospace powers through bold and continuous expansion of investment in research and development.'

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