Representative Kim Seung-nam of the Democratic Party of Korea (Goheung, Boseong, Jangheung, Gangjin, Jeollanam-do) proposed the ‘Partial Amendment to the Space Development Promotion Act’ to promote privately-led space development on the 22nd.
The amendment included details on the designation of a space specialized company, subsidy, loan, and fund investment, and the establishment and operation of a space specialized investment company.
It also included the rationale for support for mergers and acquisitions to strengthen the competitiveness of space development companies and designation of a space industry cluster support center.
In order to narrow the technological gap with advanced countries and foster excellent private space development companies, it also includes smooth financing in related fields and support for acquisitions and mergers of domestic and foreign companies with technological prowess.
Currently, the domestic space industry accounts for only 1% of the global market, and companies that generate economic profits through space development are very limited.
Rep. Kim said, “The success of the space industry cluster depends on administrative and financial help so that space-specialized companies can stably conduct R&D and commercialization. We have to help,” he said.
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