Space authorities from South Korea and India recently organized a joint industry event in Bengaluru to enhance cooperation and explore business opportunities in the space sector. The Korea AeroSpace Administration (KASA) and India’s IN-SPACe collaborated to host the Korea-India Space Day event, following a memorandum of understanding signed between KASA and the Indian Space Research Organization last year. This event coincided with South Korean President Lee Jae Myung’s visit to India for a summit with Prime Minister Narendra Modi.
Nine South Korean companies, including Korea Aerospace Industries Ltd. and Innospace, presented their core capabilities at the event, along with nine Indian companies. The head of KASA, Oh Tae-seog, emphasized the significance of India as a partner, citing India’s achievement of the world’s first landing near the moon’s south pole. Both countries aim to strengthen their cooperation to establish a leading partnership in the global space economy.
India has seen a rise in space startups, with over 400 such startups and investments exceeding $500 million. The development of an Earth Observation (EO) satellite constellation on a public-private partnership model is expected to drive innovation and enhance the global reputation of Indian space technology companies. State governments are actively promoting the space sector through incentive schemes, viewing it as a promising industry. Indian space companies are increasingly integrating into global aerospace and space supply chains.
Several notable space startups have emerged in India post-2014, including Pixxel, Dhruva, Skyroot Aerospace, Agnikul Cosmos, and Bellatrix Aerospace. The ‘Startup India’ initiative, launched in 2016 by Prime Minister Narendra Modi, aims to foster innovation, entrepreneurship, and investment-driven growth to transform India into a nation of job creators.
