The South Korean government will allocate 992.3 billion won ($734.9 million) for space development in 2024 and launch the development of next-generation projectiles and lunar modules.

The Ministry of Science and ICT announced Thursday that it will spend 992.3 billion won in space development this year, which is up 13.6 percent from the previous year.

Under the finalized 2024 Space Development Promotion Plan, the government will pursue five missions ? space exploration, space transportation, space industry, space security, and space science.

For the space exploration mission, the government will create a roadmap for lunar, Martian, and asteroid exploration and continue efforts to expand its participation in the U.S manned lunar exploration project, Artemis.

For the space transportation mission, the government plans to develop a next-generation launch vehicle with a 100-ton class multi-stage combustion cycle engine to enter the commercial launch service market and initiate building Korea’s first civilian small launch pad within the Naro Space Center in Goheung County, South Jeolla Province.

For the space security mission, the government plans to launch Korea‘s first ultra-small cluster satellite prototype in the first half of the year.

For the space science mission, it plans to install a solar coronagraph developed jointly with the U.S. National Aeronautics and Space Administration (NASA) on the International Space Station (ISS) in the second half of the year.

For the space industry mission, the government will initiate the construction of a three-way space industry cluster in South Jeolla Province, South Gyeongsang Province, and Daejeon.

“We will establish a new space governance this year, including the opening of the Korea Aerospace Administration (KASA),” said First Vice Minister of Science and ICT Lee Chang-yune. “It will be a significant year to lay the foundation for Korea to become a space powerhouse by fostering a private-led space ecosystem through the establishment of space industry clusters and starting innovative projects such as lunar landing module development.”

By Ko Jae-won and Yoon Yeon-hae

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