The government will adopt a system to sign contracts with businesses for joint space development projects, in a bid to promote participation by the private sector.

The Ministry of Science and ICT said on Tuesday that it issued an advance legislation notice for revisions to space development promotion laws last Friday.

The revisions come after Seoul and Washington terminated missile guidelines in May that have long restricted South Korea’s missile development.

Under the revisions, private firms, which were limited to taking part in only research and development in space programs, will be able to seek profit from their extended participation.

The plan also includes designating a cluster of research centers, businesses and educational institutes to foster the space industry. After collecting opinions from various areas, the ministry plans to submit the revisions for parliamentary approval within this year.