Headquarters of the Korea AeroSpace Administration in Sacheon, about 300 kilometers south of Seoul/ Yonhap

With the opening of the nation's full-fledged space agency, Korea is set to make its mark on the global space stage, aiming to transform into a powerhouse and join the elite space race led by the private industry.

The Korea AeroSpace Administration (KASA) will open its doors Monday, focusing on fostering local companies that can play key roles in space development projects, and helping the country develop a global-level space industry and space economy.

"Until now, the country's space development projects have been led by the government," Yoon Young-bin, KASA's inaugural chief, said earlier. "The most important role of the space agency will be supporting the private sector to lead space development."

He pointed out that the world's space industry is moving toward the so-called "new space" era, where private companies are actively leading innovation in space technologies with more economic feasibility.

"The global paradigm is shifting," Yoon said, noting that top space companies, such as SpaceX, have developed reusable space rockets and launched a group of small satellites with capabilities similar to medium- and large-sized satellites.

To keep up with this trend, Korea established KASA, the Korean version of the United States' National Aeronautics and Space Administration (NASA), located in Sacheon, approximately 300 kilometers south of Seoul.

The 293-member agency will lead the nation's space programs, such as the moon and Mars exploration, and bolster Korean companies' competitiveness in the global space industry.

Two years ago, the Korean government announced its plan to land a homegrown spacecraft on the moon in 2032 and Mars in 2045 as part of efforts to become one of the top-five global space powers.

Korea was a latecomer in the highly advanced industry but is currently considered the seventh-strongest space power after having successfully developed the 200-ton space rocket Nuri in recent years.

The country also plans to develop a next-generation rocket, named KSLV-III, and make three launches in 2030, 2031 and 2032, with the third launch carrying a moon spacecraft aboard.

Experts at home and abroad welcomed the establishment of KASA, expecting the agency to help Korea make a significant leap in the space sector and participate more in international cooperative research projects.

"It is difficult to have international competitiveness in the space industry without technological development in various related fields," Kim Seung-jo, former chief of the Korea Aerospace Research Institute, said. "But Korea has the world-best level of cutting-edge technologies in most of the fields."

He called on KASA to set future-oriented goals for space projects that need patience and passion from a long-term perspective.

Earlier this month, NASA officials also expressed expectations for expanded space cooperation with Seoul following the establishment of KASA, underscoring the importance of Korea's expertise for international space projects.

They also advised KASA to "learn lessons" from failures.

To leverage expertise and experience from the world's top space power, KASA has named John Lee, a retired senior executive from NASA, as its deputy administrator in charge of space missions and policies, the second-highest position at the new institution.

John Lee said he will work to adapt the U.S. space agency's strengths to KASA in a Korean context and align Korea's space projects with international standards.

Meanwhile, the local space industry voiced hopes for KASA, asking it to provide more consistent support to big and small companies, and facilitate their participation in international space projects.

"The country's space projects have been centered around the government and big companies until now, but I hope KASA can also support smaller-sized companies that have been overlooked," Park Jae-pil, the founder of space startup Nara Space, said.

"There are many Korean companies with space technologies that can contribute to international projects, and I believe KASA will open a channel for that," he added.

KASA aims to foster more than 2,000 space-related companies and create about 500,000 new jobs in the field. (Yonhap)