[사설] Finding the future of Korea in the aerospace industry

Maeil Economic Daily will hold the 30th National Reporting Conference on the 17th under the theme of’Beyond Gravity: An Emergency for an Aerospace Power’. This report, organized as an event to commemorate the 55th anniversary of its founding, contains the content that we must find the future of Korea in the aerospace industry. The growth potential of the aerospace industry is endless, but it also contains a warning that it will become a laggard if it hesitates.

Following the United States, Russia, Europe and India, the UAE succeeded in entering the world’s fifth and sixth Mars orbit in February of this year, so the competition for space development in each country is fierce. Since the 2000s, the market is expanding rapidly with the addition of private companies such as SpaceX and Blue Origin. According to Space Angels, an investment company in the space sector, 199 trillion won was invested in 1128 space companies from 2009 to the third quarter of last year. Morgan Stanley predicts that the global aerospace industry will reach $1.5 trillion in 2040.

Korea is lagging behind in the aerospace industry. Major G7 countries such as the United States, the United Kingdom, and France all have space stations in charge of the space industry, and 16 countries, including Australia and Luxembourg, have established new space stations in the last five years. In contrast, Korea has a very small budget, let alone a department dedicated to aerospace. Therefore, it is difficult to expect the consistency or sustainability of policies for space development. The technology is also far behind. According to the Korea Advanced Institute of Science and Technology Evaluation, the level of Korean technology in the aerospace sector is only 60% of the US and 80% of China. Although it is a powerhouse in electronics, semiconductors, and telecommunications, it is not making good use of those advantages in the aerospace field.

The added value created by the aerospace industry is very large. Korea’s share of the global aerospace industry currently accounts for only 0.8%, and if it increases to 7.6%, which is the automobile share, 53,4300 jobs will be created in the related industries. The effect of preoccupying future advanced technologies such as satellite broadband Internet and 6G mobile communication can also be expected. Before it is too late, the government should create a dedicated organization such as the space agency and accelerate the promotion of the aerospace industry. It is also urgent to create an ecosystem that will induce private participation.
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