Seoul: Lee Yong-bae, the chief executive officer of Hyundai Rotem Co., has been elected as the head of the Korea Association for Space Technology Promotion, as announced by the association. Lee's election took place during a general meeting, and he is set to serve a three-year term.

According to Yonhap News Agency, the Korea Association for Space Technology Promotion was established in 2014 and comprises 118 member firms. Lee Yong-bae has an extensive background within the Hyundai conglomerate, having previously held significant roles at Hyundai Motor Co., Hyundai Wia Co., and Hyundai Motor Securities Co.

Under Lee's direction, Hyundai Rotem has notably advanced its aerospace capabilities. This includes the initiation of a development program last year aimed at creating a methane engine for what is expected to be South Korea's first reusable space launch vehicle.

Lee expressed a deep sense of responsibility during this crucial period for South Korea's space industry. He committed to concentrating his efforts on fostering a globally competitive space ecosystem for the nation.