The Australian Government has reached an agreement with the Republic of Korea to work together to expand each nation’s space sector.

A Memorandum of Understanding has been signed by Minister for Science and Technology Melissa Price and Korean Minister for Science and ICT Lim Hyesook.

The signing comes as the Korean President visits Australia to mark the 60th anniversary of diplomatic ties. Minister Price said the agreement would unlock a level of cooperation that would help industry to grow for the benefit of both nations.

“Korea is a key regional partner and an important space nation that has interests that overlap with many of our priorities here in Australia,” Minister Price said.

“This agreement will allow our two countries to explore these mutual areas of interest in space, including Earth observation, robotics and automation, space manufacturing and launch.

“The Australian Government is determined to keep delivering for our flourishing space sector and one of the ways we achieve that is by opening up new markets through international agreements like this.

“Australia and Korea have been partners in the scientific community for decades, and now we’re teaming up in space to achieve even more great things that boost our economies and create jobs.

“This agreement will not only create opportunities for our businesses in space, but will allow our nations to work together internationally to promote a safe and stable space environment.”

The agreement comes after Prime Minister Scott Morrison and President Moon spoke about the potential of our two nations working together in space on the sidelines of the G20 summit in October.

The Australian Government has invested more than $800 million into the civil space sector since July 2018 as part of the goal to triple the sector’s size to $12 billion and create up to an extra 20,000 jobs by 2030.