▲ President Yoon Suk Yeol (R) views a projectile at the presidential office in Seoul on Feb. 21, 2023, ahead of his luncheon meeting with a group of people involved in South Korea's efforts to blaze a trail in the space industry. (Yonhap)

Yoon-space pioneers

Yoon meets pioneers in space research, development

By Lee Haye-ah

SEOUL, Feb. 21 (Yonhap) -- President Yoon Suk Yeol met Tuesday with a group of scientists, businessmen and others leading the way in space research and development, saying there is no limit to the economic opportunities space will offer.

Yoon invited some 40 people to lunch at the presidential office, including high school and university students, researchers, entrepreneurs and winners of space-themed competitions.

Singer Younha, who has released a space-themed album, was also in attendance.

"There are no boundaries in the space economy. And the space economy will open limitless opportunities for us," Yoon said. "Everything from space exploration and use, to the development, manufacturing, launch and operation of launch vehicles and satellites for such purposes, and all activities that create related value, is precisely the space economy."

Yoon cited an Organization for Economic Cooperation and Development (OECD) estimate that its member countries produced US$400 billion in economic value through space in 2020.

Yoon also noted his administration's preparations to launch a state aerospace agency, one of his key campaign promises.

"We will build the aerospace agency into a research and development platform centered on top-class experts and open the space economy era of the Republic of Korea," he said, using South Korea's formal name.

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