Seoul: South Korea's space agency announced on Tuesday its intention to request a 1.65 trillion-won (US$1.2 billion) budget for the upcoming year. This move is part of a broader strategy to elevate aerospace to a strategic industry within the country.
According to Yonhap News Agency, the 2027 budget proposal, which will be submitted to the National Assembly, reflects a 47.2 percent increase from the current year's budget. This proposed budget is the largest since the Korea AeroSpace Administration (KASA) was established in 2024.
Out of the total budget, 562.9 billion won is earmarked for projectiles, with a significant portion allocated to support regular launches of the domestically developed Nuri rocket. This allocation is more than double the amount designated for the same purpose this year. The Nuri rocket is set for its fifth launch on October 7, aiming to deploy 15 satellites into orbit.
In terms of lunar exploration, KASA intends to allocate 279.4 billion won, which is nearly triple the previous year's funding for this area. The funds will focus on developing a lunar orbit communication network and other moon exploration technologies, including small lunar landers. South Korea aims to achieve an uncrewed lunar landing by 2030.
Furthermore, the agency plans to increase the budget for satellite development by 12.1 percent and for future aviation technology by 7 percent.