South Korea's government plans to support local companies export more space-related products in order to push up sales in the hightech industry to 1.35 trillion won ($1.27 billion) in 2014, an official source said Sunday.
The plan is part of an ongoing effort by Seoul to grab a larger portion of the global space business that is forecast to reach 216 trillion won in 2020.
In 2012, total sales for the country's space industry reached 1.16 trillion won.
The Ministry of Science, ICT and Future Planning insider said policymakers have finalized the 2014 space development strategy for the year.
The goal is to expand domestic infrastructure, support exports and help with marketing and market research.
"To help exports, it has been agreed to set up a support organization made up of businessmen, engineers and researchers as well as market experts," said the official, who declined to be identified.
Plans have been devised to help small and medium aerospace companies take part in overseas road shows and trade fairs to give them greater opportunity to explore potential business opportunities.
The goal is to increase space-related exports to 92.5 billion won this year from 41.5 billion won in 2012.
Besides increasing sales and exports, Seoul said it will move forward with plans to develop a rocket to send a unmanned probe to the moon by 2020, and participate in a joint international efforts to build a telescope in the Earth's orbit.
It said that with more and more countries moving to send commercial satellites into space, related manufacturing and launch services will become lucrative business.
By 2020, countries in Southeast Asia, the Middle East and Latin America are planning to send 1,145 satellites into orbit to create a potential 216 trillion won market.
Reflecting the country's ambitions to tap into such opportunities, the science ministry said 204.3 billion won has been set aside this year for the construction of a next generation space rocket and small satellites. The funds represent a 66.7 billion won increase from the year before. (Yonhap)