The government is launching a program to foster private sector satellite development.
 
The Ministry of Science, ICT, and Future Planning said Wednesday that it started an application process to select a local private company to head a state-funded project to develop next-generation mid-sized satellites.
 
According to the ministry, the selected company will form a joint team with the Korea Aerospace Research Institute to develop a satellite. The company will then take the lead in developing a second satellite using the technologies transferred from KARI.
 
Both satellites to be developed under the project will weigh around 500 kilograms and be equipped with precision optical cameras.
 
KARI will disclose more details of the project during a presentation slated for Friday.