The government will encourage the private sector to develop small orbital launch vehicles in the new global space era, in a bid to foster a “Korean SpaceX.”  
 
The Ministry of Science and ICT ministry announced on Wednesday its plans to invest 27-point-eight billion won from this year through 2027 to help private companies develop two-stage launch vehicles for the commercial small satellite launch market.

This initiative in particular will be an expansion project using the first stage 75-ton engine originally developed for the Nuri rocket.

The ministry plans to select three private companies by next month and choose a finalist among them to conduct a performance test.