The government has begun earnest support for fostering the space industry.
The Korea Aerospace Administration noted that the 'Space Development Promotion Act Amendment' and the detailed enforcement decree will take effect starting on the 23rd. The key point is to designate 'Investment Promotion Districts' in related areas such as the space industry cluster and specialized zones to support attracting corporations and improving the living environment.
This amendment to the law was prepared with the intention of boosting competitiveness in the space industry by inducing private corporations' investment and creating an environment where corporations and talent can settle. Representative Kang Min-guk of the People Power Party proposed the designation of investment promotion districts in the space industry cluster (Jeolla, Gyeongnam, Daejeon) and the aerospace industry specialized zone (Sachon City, Gyeongnam), laying the foundation for support, and the amendment was promulgated in October of last year.
Accordingly, the Korea Aerospace Administration amended the enforcement decree to establish the conditions and procedures for designating, changing, and abolishing investment promotion districts, as well as methods for supporting Nonprofit Institutions (NPI), hospitals, schools, and others.
According to the enforcement decree, the standard for investment attraction amounts is set at 500 million won for sectors related to the aerospace industry and research and development, and 1 billion won for other sectors. Additionally, local requirements include regions determined by the investor's preference and consultation with the heads of local governments and the Korea Aerospace Administration, as well as regions that have legally received business approval or reported.
In particular, if hospitals, universities, research institutions, international organizations, or general hospitals are established within the investment promotion district, standards and procedures have been established to support site acquisition and construction expenses.
This measure is the fourth legal basis to formalize investment promotion districts, following the Saemangeum Special Act, Asian Culture Center City Act, and Jeju International Free City.
Yun Young-bin, head of the Korea Aerospace Administration, said, 'The designation of investment promotion districts has established the basis for supporting private corporations and attracting talent,' adding, 'We will pursue various follow-up support measures with the goal of entering the ranks of the world's top five space powers by 2045.'