South Korea has taken another step toward developing its first domestically-made navigation satellite. 

The science ministry said that minister Lee Jong-ho on Monday attended the opening ceremony for the headquarters of the team tasked with developing the Korean Positioning System, or KPS, held at the ​Korea Aerospace Research Institute.

The KPS project is aimed at providing ultra-precise location, navigation and visual information for areas throughout the Korean Peninsula.

The government will invest over three-point-seven trillion won through 2035 to develop a KPS satellite system, ground system and user system.

A total of eight satellites will be placed into orbit, with the first launch slated for 2027 and trial services to begin in 2034.

South Korea has developed several Earth observation satellites, but this will be its first attempt at developing a navigation satellite. During summit talks in May, Seoul struck a cooperative agreement with the U.S., the country with the most extensive technology and experience in satellite navigation.

Minister Lee said the KPS project is the country's largest-ever space program that will serve to provide critical infrastructure essential to the new industries of the Fourth Industrial Revolution.