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Korea is banking on satellites being the next frontier for economic growth.
Earlier this month, the government said it was planning to pump around one-and-a-half
billion U.S. dollars into the satellite industry over the next 12 years.
For more on Korea's space market and where it's heading, here's our Kim Han-ul . Korea's
space industry is still relatively small, estimated to be worth 1-point-7 billion dollars,
which is less than 1 percent of the global market share.
But the global market for satellites is expected to grow by nearly 60 percent in the next decade,
with an expected value of hundreds of billions of dollars.
The government believes Korea will eventually have the capacity to manufacture and export
small to medium satellites such as the ones being built by Satrec Initiative, one of the
two companies in Korea manufacturing satellites.. and the only company in the country exporting
home-grown satellites abroad.
"Here at Satrec Initiative, they specialize in providing turn-key solutions for small
scale satellites, covering everything from development and research to manufacturing."
Satrec Initiative's latest collaboration with the United Arab Emirates involves developing
and manufacturing small, state-of-the art satellites... that carry a high-resolution
electro-optical camera capable of detecting objects as small as 0-point-7 meters.
It weighs less than 350 kilograms.
The company's CEO believes Korea stands a good chance of becoming a leader in the small
satellite industry,.. based on its 20 years of experience with space development.
"One of the unique characteristics of the satellite industry is that the entry barrier
is very high. But I believe we can overcome that through our advantage in know-how and
experience."
The potential for small satellites such as these is limitless, and the Korean government
is optimistic about the prospects as well.
"Our 40-year plan includes not only launching rockets for commercial purposes, but also
developing satellite technologies with the potential for market growth. So if we combine
the two, we'll be able to provide a comprehensive satellite launch service, and we can also
build space stations and even go out on space missions."
Kim Han-ul, Arirang News.