South Korea could soon see its own version of NASA as the government seeks to open an era of space economy.

The Ministry of Science and ICT announced on Monday that it has launched a team tasked with establishing South Korea's very own space agency, the Space and Aeronautics Administration.

The team will be led by the science ministry. Seven other related ministries and agencies will work not only on the aerospace aspect but the legislative side to form the agency.

The space agency is expected to be composed primarily of experts and will be under the science ministry, while remaining separate from the existing Korea Aerospace Research Institute.

Establishing an aerospace agency was one of President Yoon Suk Yeol's campaign pledges to secure competitiveness in the global space industry and vitalize the country's aerospace sector.