President Yoon Suk Yeol has pledged to expand the budget for space development to over one-point-five trillion won, or around one-point-one billion U.S. dollars, by 2027.

The president unveiled the plan on Wednesday at an event marking the launch of a project to create a space industry cluster, comprised of a three-way system of South Jeolla Province focusing on rockets, South Gyeongang Province on satellites and Daejeon on fostering talents.

Stressing the need to pursue infinite opportunities and the enormous market that space presents, Yoon said the nation, which has presented a roadmap for space economy and is set to establish a space agency, has launched a world-class space cluster.

The president promised that the government will build key space infrastructure, such as space environment test facilities, which is difficult for private companies to build on their own.

He also pledged full support for startups by doubling space funds created last year, adding that the government will attract more than 100 trillion won in private investment and create over 250-thousand jobs by 2045.