PLANS TO BUILD SPACE RESEARCH CENTER

[Anchor Lead]

With profound interest in space exploration in the U.S. and China, South Korea is also seeking ways to promote the private sector's participation in space development projects. As part of the efforts, KAIST and Hanwha Group have agreed to build the nation's largest space research center with a fund of ten billion won.

[Pkg]

Loaded on Russia's rocket, South Korea's first home-grown mid-sized satellite soars into space. A month after its launch, clear satellite images were revealed. This success indicates the private sector will take over the helm from the government in the nation's projects to develop mid-sized satellites. KAIST and Hanwha Group have joined hands to promote the nation's space development. They will work together to develop next-generation mid-sized satellites and commercial satellites. Hanwha's space hub will invest ten billion won in KAIST's plan to build the nation's largest space research center.

[Soundbite] Kim Youn-chul(CEO, Hanwha Systems) : "It is meaningful as the first joint space development project between a university and a private business. I expect the project to boost the nation's competitive edge in the global space industry."

The first project is to develop a technology that enables communications between low-orbit satellites. This will allow multiple satellites to exchange data via lasers and process high-volume data quickly. It will also allow for data transfers and communication on planes and ships in remote areas lacking electricity, which could allow for internet to be used on those vessels.

[Soundbite] Lee sang-yup(KAIST Vice chairman) : "This is very meaningful in that it will lay the foundation for using satellite communications in various industries."

The joint satellite development project will boost private participation and be a turning point in the future of Korea's space industry.