The Korea AeroSpace Administration will create a fund worth 200 billion won to foster leading space and aviation corporations.
The Korea AeroSpace Administration (KASA) said on the 23rd it plans to establish New Space Fund No. 4 by September.
For New Space Fund No. 4, the Korea AeroSpace Administration (KASA) will contribute 100 billion won and match it with private capital to total 200 billion won. Last year, New Space Fund No. 3 was formed at 8.1 billion won, but authorities judged that the existing funds were insufficient to meet the recent surge in investment demand, so the scale was expanded 25-fold.
Investment targets include the space industry and related industries. Related industries include the future aviation industry that shares an ecosystem with the space industry and technology areas with high potential for use in the space field. Investments will be structured as small, medium, and large in line with demand by stage; small will focus on startups, and medium and large will prioritize scale-up support.
In addition, a global fund to support overseas expansion by domestic corporations is also set to be created in the second half.
Oh Tae-seok, Administrator of the Korea AeroSpace Administration (KASA), said, "The space industry is a representative future strategic industry that requires large-scale investment and long-term technology development," adding, "We will expand the overall size of the New Space Fund every year to continually attract private investment and support corporations so they can grow into corporations with global competitiveness."