Startups & Space: The 2 MoUs Signed In S. Korea

Luxembourg economy minister Franz Fayot is pictured on 28 November 2022 during an economic mission in S. Korea(Photo: SIP / Julien Warnand)

Luxembourg’s economy minister has signed a Memorandum of Understanding with South Korea during the first day of an official economic mission. 

The agreement aims to strengthen cooperation between the two countries in the exploration and use of space resources for peaceful purposes. In particular, it aims to facilitate the exchange of information, personnel and expertise in the fields of space science, technology and applications and should encourage the organisation of concrete cooperation activities.

South Korea currently counts some 100 space companies. It increased its space budget by 19% in 2022, part of its strategy to join the world’s top 5 space nations by 2035.

According to a statement from the Luxembourg government, Luxembourg and Korea share common ambitions in the development of the sector, notably in the field of space resources. 

At the opening of the forum, economy minister Franz Fayot said: “Luxembourg and South Korea have a long-standing relationship, and I am delighted to see it strengthened even further in the space sector through the signing of this Memorandum of Understanding. We share common ambitions in the peaceful exploration and use of space resources, so I am confident that we will be able to strengthen our collaboration at many levels, both between private and public actors, for our common benefit.”

The agreement was signed at the opening of the Korea Space Forum on 28 November, which this year addresses challenges of the country’s space sector.  

Luxembourg has signed around a dozen MoUs with space agencies or research and innovation institutions since it announced the Spaces Resources Initiative in 2016. International cooperation is a key point in the country’s space strategy, because of the country’s ambitious objectives. Among other things, the Luxembourg Space Agency is trying to address the matter of ownership of resources mined in space. In July 2017, it was the second country in the world to pass a space law, reinforcing private operators’ rights to the space resources they extract.

Later in the day, Luxinnovation, Luxembourg’s national innovation agency, signed a second Memorandum of Understanding with the Global Commercialization Center of Korea Advanced Institute of Science and Technology (KAIST GCC). The government did not provide information on the content of the agreement.

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