Prime Minister Kim Boo-kyum has pledged to foster an environment where companies can engage in space development projects with a peace of mind.

He chaired a meeting of the National Space Council on Monday at the Korea Aerospace Research Institute in Daejeon.

Kim promised to actively foster venture and startup firms in the space sector and expand infrastructure such as exclusive launch pads for private enterprises.

The meeting is the first gathering since the space council was upgraded in status as a control tower encompassing space affairs and national security.

Noting advanced nations were ushering in an era of not only space technology but also space business, Kim pledged policy support to build an autonomous and resilient space ecosystem.

He also expressed plans to develop some 170 public satellites by 2031 and continuously develop launch vehicles. The prime minister also urged enhanced collaboration among academia, industries and think tanks for the joint goal of space exploration.