By Park Hyong-ki
Staff Reporter
Sending astronaut Yi So-yeon to space, marks the beginning of the country's space business, with many more projects to be developed in the near future.
According to the Ministry of Education, Science and Technology, the global aerospace business is around $150 billion a year and growing, as countries race to explore space.
With expectations that the business will reach around $450 billion by 2015, space is too big for even South Korea to miss in gaining both economically and technologically.
Although researchers and scientists say it is too early to tell how much the country can benefit from such a business, thriving for advancement in aerospace will definitely bring about new discoveries in broadcasting, satellite systems and meteorology.
Despite the high costs, they mention that the government must not end the blast off merely as a show, but further study, which can strengthen the educational atmosphere of science, while sharpen up the image of the nation.
Samsung Economic Research Institute's Kwon Soon-woo said it will greatly boost the study of science and engineering, which has been sluggish so far as youngsters prefer arts and business.
``It is important that we don't stop here but continue to hype further development in aerospace for future benefits,'' he said.
The institute cited London, which failed to gain momentum in space research and exploration after it sent an astronaut to space in 1991.
Japan's Mitsubishi Research Institute, however, spends an average of 2 trillion won per year for the development of aerospace projects with the country seeing economic benefits of 6 trillion won or more.
Korea has invested 26 billion won for Yi. The Korea Aerospace University said in a report that the economic returns are expected to reach around 500 billion won.
The government plans to send a probe to the moon by 2025.
phk@koreatimes.co.kr