Minister of Trade, Industry and Energy Moon Sung-wook speaks about nurturing space and aviation industry in Korea in January 2022. Korea Times file

Korea will nurture the space and aviation industries as the country’s key national strategic growth drivers, as part of an effort to identify sustainable, future-oriented businesses to underpin the economy in the long term, the trade minister said Monday.

Moon Sung-wook, Minister of Trade, Industry and Energy, said the two industries have great growth potential for high-value creation, a reason why he remains hopeful that the high-tech growth drivers will contribute greatly to economic prosperity in the future.

In his congratulatory speech at a forum jointly organized by the Korea Aerospace Industries Association and the Korea Society for Aeronautical & Space Sciences, the minister said that the space and aviation industries can create a long-term, stable source of income and quality jobs.

The forum was attended by about 100 officials from the two industries at the JW Marriott in southern Seoul, January 14. It gave relevant authorities and academic experts the chance to discuss bolstering such future growth industries as urban air mobility (UAM) and space exploration research as well as strengthening overseas cooperation.

The minister said Korea will sharpen the industries’ competitiveness by facilitating high-quality management of manufacturing for core parts, the creation of an ecosystem for closer integration and cooperation from the industries as well as a greater role for the private sector.

Minister Moon noted that the space and aviation industries are and will be undergoing tectonic shifts and that continued innovation driven by the public and private sectors and academia are critical for Korea to leap forward to become a global leader.

Swift action is needed, the minister stressed, to gain the upper hand in industries that, as of yet, have no clear set of global standards and safety protocols concerning UAM.

The minister said strategies should be pursued to create demand and bolster overseas expansion, while developing products for military usage, including unmanned air vehicles.

Korea reported an aeronautics industrial output of US$6 billion (7.2 trillion won) in 2019. The figure declined to US$4.9 billion in 2020 due to the COVID-19 pandemic.

According to the ministry, the pandemic-induced steep fall in demand for passenger flights was offset by cargo transport flights. The government incentivized carriers to grant employees paid leave and paid vocational training instead of outright restructuring which would have seen massive layoffs.

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