Manufacturing News

Korea and Australia sign MoU to expand space sectors


The federal government and the Republic of Korea have signed an MoU to expand each nation’s space sector, coinciding with the 60th anniversary of diplomatic ties between the two countries. 

The MoU was signed by Australian minister for Science and Technology, Melissa Price, and Korean minister for Science and ICT, Lim Hyesook. According to Price, the agreement will unlock a level of cooperation that will help industry to grow for the benefit of both nations. 

“Korea is a key regional partner and an important space nation that has interests that overlap with many of our priorities here in Australia,” Price said. “This agreement will allow our two countries to explore these mutual areas of interest in space, including Earth observation, robotics and automation, space manufacturing and launch. 

“The Australian government is determined to keep delivering for our flourishing space sector and one of the ways we achieve that is by opening up new markets through international agreements like this. Australia and Korea have been partners in the scientific community for decades, and now we’re teaming up in space to achieve even more great things that boost our economies and create jobs.” 

The agreement will create opportunities for businesses in space and allow Korea and Australia to work together internationally, promoting a safe and stable space environment. 

The agreement comes after Prime Minister Scott Morrison and President Moon spoke about the potential of the two nations working together in space, on the sidelines of the G20 summit in October. 

The Australian government has invested more than $800 million into the civil space sector since July 2018, as part of the goal to triple the sector’s size to $12 billion and create up to an extra 20,000 jobs by 2030. 

Send this to a friend