South Korea's Space Agency Seeks Record $1.2B Budget for 2027

SEOUL, Sept. 1 (Yonhap) -- South Korea's space agency said Tuesday it will seek a 1.65 trillion-won (US$1.2 billion) budget next year, as part of its effort to nurture aerospace as one of the country's strategic industries.

The 2027 budget proposal to be submitted to the National Assembly is a 47.2 percent increase from the budget this year, the highest since the agency was established in 2024, according to the Korea AeroSpace Administration (KASA).

Of the total, 562.9 billion won will be allocated to projectiles, including funding to support regular launches of the homegrown rocket Nuri. The amount is more than double the budget allocated this year, the agency said.

The Nuri rocket is scheduled for its fifth launch on Oct. 7, for a mission to put 15 satellites into orbit.

In the area of lunar exploration, KASA seeks a total of 279.4 billion won, nearly triple the amount allocated in 2026.

The money will be used to develop a lunar orbit communication network and other moon exploration equipment, such as small lunar landers, KASA said. South Korea is targeting an uncrewed lunar landing by the year 2030.

Additionally, the agency seeks to increase the budget for satellites by 12.1 percent, as well as those for future aviation technology by 7 percent.