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The new colonial movement: It appears that South Korea’s space industry is faltering, according to unnamed sources in that industry, and must be revitalized.
Many critics also point to the near absence of Korean conglomerates in the domestic aerospace scene as a major setback for the nation. “Since space businesses do not generate short-term revenues, most Korean conglomerates are reluctant to jump into the sector,” said an official from the aerospace sector. “Other nations, including the U.S. and Russia, on the other hand, have been running space programs for decades and have a large pool of seasoned engineers and talents, which is why the Korean aerospace industry is far behind in the race for outer space,” he said.
Samsung Group, the largest conglomerate here, previously ran aerospace business arm Samsung Techwin, now renamed Hanhwa Techwin after it was acquired by Hanhwa Group in 2014. Techwin was established in 1977 to develop flight engines. Samsung Group sold part of Techwin’s flight engines business to Korea Aerospace Industries in 1999 and pulled completely out of the aerospace sector in 2014.
What makes this story different from my previous two posts is that its focus is not building a government program (and the bureaucracy to go with it) but to find way to develop a robust private aerospace industry, competing for market share in the world market. With that approach, South Korea might actually launch something in the coming years.