South Korea moves to add space and quantum industries to National Growth Fund targets
In short
South Korea's Financial Services Commission said on 22 October that it is giving public notice of an amendment to the Korea Development Bank Act enforcement decree. The change would add the space aviation and quantum industries to the sectors the National Growth Fund supports. Public comments are open until 1 December.
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South Korea's Financial Services Commission said on 22 October that it is giving public notice of an amendment to the Korea Development Bank Act enforcement decree. The amendment would add the space aviation and quantum industries to the sectors supported by the National Growth Fund. [ 1 , 3 ]
According to Yonhap, the amendment follows the commission's second-half work report, in which it said it would widen the advanced strategic fields the fund supports to new strategic industries such as space aviation. Asia Economy reported that the plan to widen the targets was announced in the July second-half work report, and that the commission then gathered views from related ministries before preparing the draft. [ 1 , 3 ]
Yonhap said the fund's existing support covered 12 fields, including semiconductors, secondary batteries, displays, bio, robots, artificial intelligence, vaccines, future transport, hydrogen, content and critical minerals. Asia Economy described the same 12 sectors as advanced strategic industries. [ 1 , 3 ]
Under the draft, space aviation and quantum would be newly included. Yonhap listed satellites, the lunar economy and commercial aircraft under space aviation, and quantum computing and quantum cryptographic communication under quantum. Asia Economy added launch vehicles to the space aviation list and quantum sensing to the quantum list. [ 1 , 3 ]
The commission said it decided to add the two industries because of their high national strategic importance and the need for large-scale, long-term investment. [ 1 , 3 ]
Yonhap said anyone can submit comments to the commission during the notice period, which runs until 1 December. Asia Economy said comments can be sent to the commission's National Growth Fund division. Once the comment period ends, the amendment is to be finalised through a Cabinet Council decision and other steps, both outlets reported. [ 1 , 3 ]
Why it matters
If the amendment is finalised, the fund's support, now covering 12 sectors, would extend to space aviation and quantum businesses. The documents say the change still needs a Cabinet Council decision, so it is not yet in force.
Key facts
- The Financial Services Commission announced on 22 October a draft amendment to the Korea Development Bank Act enforcement decree. [ 1 , 3 ]
- The amendment adds the space aviation and quantum industries to the National Growth Fund's support targets. [ 1 , 3 ]
- The fund previously supported 12 sectors, including semiconductors, secondary batteries, displays, bio, robots, artificial intelligence, vaccines, future transport, hydrogen, content and critical minerals. [ 1 , 3 ]
- The commission said the two industries are of high national strategic importance and need large-scale, long-term investment. [ 1 , 3 ]
- The public notice period runs until 1 December, and anyone can submit comments to the commission. [ 1 , 3 ]
- After the comment period, the amendment is to be finalised through a Cabinet Council decision and other steps. [ 1 , 3 ]
Confirmed by several sources
- The Financial Services Commission announced on 22 October a draft decree amendment adding space aviation and quantum industries to the National Growth Fund's support targets, with notice running until 1 December. [ 1 , 3 ]
- The amendment is to be finalised after a Cabinet Council decision and other steps. [ 1 , 3 ]
Still unclear
- When the amended decree would take effect. The documents say only that it will be finalised after the comment period and a Cabinet Council decision, and give no effective date.
- Exactly which activities count as space aviation or quantum under the decree. Yonhap lists satellites, the lunar economy and commercial aircraft for space aviation, and quantum computing and quantum cryptographic communication for quantum. Asia Economy also lists launch vehicles and quantum sensing; the two lists are not identical.