President Yoon Suk Yeol announced on Monday that South Korea will develop a homegrown rocket for a mission to the moon and begin mining resources from the moon within ten years. 

The president laid out the plans at a hotel in southern Seoul, unveiling a road map for a "future space economy" aimed at transforming the country into a space power. 

Stressing the importance of space development for future generations, Yoon said that the country will develop a homegrown rocket within five years for the lunar mission and land a spacecraft on the moon in 2032.

Under the long-term plan, Yoon said that the nation aims to land a spacecraft on Mars in 2045 when South Korea celebrates the 100th anniversary of Liberation Day from Japan's colonial rule.

Yoon also presented six major policy and support plans to achieve the goals, including exploration of the moon and Mars, promotion of the space industry and the training of professionals.

The president explained the plan to set up an aerospace agency similar to the U.S. National Aeronautics and Space Administration(NASA).