The Korea AeroSpace Administration (KASA) said Wednesday it seeks a sharp increase in next year’s budget to develop advanced satellites and upgrade its space launch vehicle.

KASA said it requested a budget of 964.9 billion won (US$725.5 million) for next year, up 27 percent from this year.

“To make South Korea one of the world’s top five aerospace powers, we need to make bold R and D investments, create an aerospace economy, and foster world-class research projects and an industrial environment,” said KASA’s head Yoon Young-bin.

KASA plans to invest a combined 310.6 billion won in advancing its space rocket, Nuri, for its fourth to sixth launches and developing a next-generation space vehicle and reusable space rocket technologies.

The agency also allocated 212.3 billion won for developing advanced satellites for next-generation communications and weather monitoring, and 52.3 billion won to invest in a moon exploration project.

The country plans to land a homegrown spacecraft on the moon in 2032 and Mar
s in 2045.

Another 40.5 billion won has been set aside for facilitating technological development of the aviation industry and 115.3 billion won for creating a private-led space industry.

Source: Yonhap News Agency