Anchor: President Yoon Suk Yeol has vowed to increase the budget for space development in a bid to expand related investments to make South Korea one of the world's top five space powers by 2045. Our Bae Joo-yon has more.

Report: President Yoon Suk Yeol stressed on Wednesday that South Korea’s third miracle will involve space as he said the journey for the nation to join the ranks of the world’s top five space powers has begun. 

The president made the remark at an event marking the launch of a project to create a space industry cluster. 

Yoon said the cluster, comprising a three-way system of South Jeolla Province focusing on rockets, South Gyeongang Province on satellites and Daejeon on fostering talents, will spearhead efforts to reach the goal of South Korea becoming a top space power.

Saying the world is engaged in a heated space battle, the president emphasized the government will spare no efforts to win such battle as he cited that the size of the space economy is set to reach two-point-seven trillion U.S. dollars by 2040. 

Yoon said the government will increase the budget for space development to over one-point-five trillion won, or around one-point-one billion U.S. dollars, by 2027.

He also vowed to attract more than 100 trillion won in private investment and create over 250-thousand jobs by 2045.

The president added 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.

Bae Joo-yon, KBS World Radio News.