President Yoon Suk-yeol will announce the road map for a "space economy" on Monday which includes a plan to launch a space agency by next year, the presidential office said Sunday.
"President Yoon will announce the road map for a future space economy tomorrow, including six state agendas for Korea to become a powerful nation of space economy," Lee Jae-myung, a deputy presidential office spokesperson, said at a briefing held at the presidential office in Yongsan.
Lee also said the Yoon administration is preparing for the establishment of a Korean space agency by next year. The agency will be parallel to the National Aeronautics and Space Administration, the US space agency, he added.
Yoon had previously hinted on the plans for a space economy at a press conference in August which was held to commemorate his first 100 days in office. At that time, he said the government will invest boldly in opening an era of space economy by establishing the space agency which he called the "Space and Aeronautics Administration."
The agency will be under the wings of the Ministry of Science and ICT. It will be a separate institution from the existing Korea Aerospace Research Institute, Lee said.