South Korea is poised to take the first step toward having its first rocket launch site, an important stage in its effort to become a leading country in the global aerospace industry.

According to the Ministry of Science and Technology Thursday the government-initiated construction is to start Friday on reclaimed land covering nearly 5 million square meters in Goheung county, South Jeolla Province.

The project, scheduled to be completed by late 2005, is estimated to require total expenditures of some 150 billion won (more than $126 million).

The Goheung space center, to be run by the Korea Aerospace Research Institute, will be equipped with various high-tech facilities including a rocket launching site, a control tower, and a rocket assembly line.

As its first goal, the center will seek to launch the first domestic satellite-bearing rocket, named KSLV (Korean Space Launch Vehicle)-1, and a locally-produced, 100-kilogram satellite.