Space Agency Logo,
“The ‘Space Development Promotion Act Amendment’, which designates and manages domestic space industry investment promotion zones, will be implemented this month.”,
According to the Space Agency (hereafter referred to as the Agency) on the 21st, the amendment to the Space Development Promotion Act and the revised enforcement decree, which detail the specific procedures for designating and managing space industry investment promotion zones, will take effect on the 23rd.
The space industry investment promotion zones refer to the ‘space industry cluster’ that connects Jeollanam-do (launch vehicles), Gyeongsangnam-do (satellites), and Daejeon (research and talent development), as well as the ‘aerospace industry specialized complex’ in Sacheon, Gyeongsangnam-do. In response to calls for creating living conditions and support measures for companies in these zones, Representative Kang Min-guk of the People Power Party proposed the amendment, which passed the National Assembly’s plenary session last September and was promulgated in October.
In line with the purpose of the law amendment, the Agency revised the ‘Space Development Promotion Act Enforcement Decree’, which includes the conditions and procedures for the designation, alteration, and cancellation of investment promotion zones.
The decree specifies △the amount of investment attraction (5 billion won for space aviation industry and R&D-related businesses, 10 billion won for others) △regional requirements (regions determined through consultation between the heads of local governments and the Agency) △support standards and procedures for non-profit institutions, hospitals, and schools within the investment promotion zones.
Yoon Young-bin, the head of the Agency, stated, “By designating investment promotion zones, we have established a basis to support private companies and recruit talent,” adding, “We will prepare various follow-up support measures to become one of the world’s top five space powers by 2045.”
Meanwhile, detailed information on the amendment can be found on the National Law Information Center.